WorksheetsQuiz #1: Income
Total questions: 20
Worksheet time: 11mins
What does "gross pay" mean.
The amount of money a bank loans you
The amount of money that creeps you out
The amount of money you take home after taxes are taken out.
The total amount of money a person earns, including overtime, before taxes are taken out.
What kind of income is defined by earning the same, consistent, amount every pay period?
Salary
Hourly
Commission
Part-time
What kind of income is defined by earning your pay based on the number of hours your work?
Salary
Hourly
Commission
Part-Time
All of the following are mandatory withholdings, except,
Federal taxes
Income Taxes
401k
Social Security
What is John Smith's net pay as shown on this paystub?
$400
$3,600
$744.10
$495
A part-time job means you work
More than 40 hours
Between 30 to 40 hours
Approximately 35 hours
More than 50 hours
Net Pay is...
pay you get after deductions
pay you get before deductions
gross pay
regular pay + overtime pay
If Susan worked 52 hours this week, how many hours did she work OVERTIME?
40
0
10
12
What is the RATE used to calculate overtime?
5 times
2 times
1.5 times
2.5 times
Joe worked 35 hours this week and earned $17.25 per hour. What is Joe's GROSS PAY?
$603.75
$595
$54.25
$522.50
How many weeks are in a year?
26
4
12
52
How many times in year will you get paid, if you are paid BIWEEKLY?
26
4
12
52
What percent is used to calculate the Social Security deduction?
15%
6.2%
1.45%
12%
What percent is used to calculate the Medicare deduction?
15%
6.2%
1.45%
12%
If Mary gets paid $12,300 a year, how much does she get paid each month?
$1,025
$3,075
$473.08
$147,600
All states charge their residents income tax.
True
False
All NYS residents pay the same income tax rate.
TRUE
FALSE
The federal budget is divided into mandatory spending and discretionary spending.
TRUE
FALSE
The the use of the discretionary spending budget is based on what the President and Congress decide.
TRUE
FALSE
Which of the below is NOT a deduction?
Federal income Tax
State Income Tax
Social Security Tax
Capital Gains Tax
