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WorksheetsPF INCOME AND EMPLOYMENT
Total questions: 22
Worksheet time: 11mins
Generally, the more education you receive, the higher your lifetime earnings will be.
TRUE
FALSE
There is no relationship between the level of education received and lifetime earnings.
True
False
For most careers, which degree will most likely result in the highest lifetime earnings?
High School
Associates Degree
Licensure or Certification
Bachelor's Degree
What is net pay?
The amount of pay earned for the total number of hours worked
The amount of money you're paid after all taxes and deductions are taken out of your paycheck
The amount of money you're paid before all taxes and deductions are taken out of your paycheck.
Your gross pay plus any bonuses.
Net pay is not
The money that you take home on your paycheck.
Your gross pay plus any bonuses.
Less than gross pay
The amount of money you're paid after all taxes and deductions are taken out of your paycheck.
Which of the following is NOT a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FiCA
Overtime
What is the purpose of the W-4 form?
To file your income tax return
To determine how much your gross pay should be
To inform your employer of how much federal income tax to withhold from your paychecks
To avoid paying income taxes
When you fill out a W-4 form, you must state whether you are:
Married
Single
Head of Household
All of the above
Your employer sends you a _____ form that tells you how much you've made and how much you've paid in taxes in the last year.
1040
W-2
W-4
W-9
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year
When to file your tax return
How much federal income tax your employer will withhold from your paycheck
How often your employer will be paying you
The W-2 form is a form that tells you ________.
How much you've earned and how much taxes you've paid in the last year
How much taxes you owe the government
How much federal income tax your employer will withhold from your paycheck
How often your employer will be paying you
Which of the following statements is true about taxes?
Taxes pay for schools and government departments
Taxes pay for roads and emergency services
Taxes are often used at the federal, state, and local levels.
All of the above
What do taxes pay for?
Taxes pay for schools and government departments
All of the above
Operating a financial institution
Privately owned business
How does the government pay for roads, schools, and emergency services?
They are funded through non-profits
They are funded through private businesses.
They are funded through charitable donations.
None of the above.
The __________ is a flexible market that allows you to work short-term, independent jobs?
Gig economy
Labor market
Employee workforce
Sharing economy
What is the gig economy?
The total availability of employment and labor in the economy.
An economic system in which assets or services are shared between individuals.
A flexible market that allows you to work short-term, independent jobs
The music industry opportunities
What do you need to fill out your 1040?
Your W-2
Your routing and bank account number
A record of any other supplemental income
All of the above
Which of the following do you NOT need to fill out your 1040?
Your credit card statement
Your job offer
None of these options are needed.
Your employer benefits documentation
When considering a job offer, you should only consider your gross income.
True
False
Which of the following is NOT considered part of your benefits package available from your employer?
Disability insurance
Paid time off
Healthcare insurance
All of these are considered part of a benefits package.
Benefits packages do not include equipment and technology needed for you to perform your duties.
True
False
OPEN RESPONSE: (10 POINTS). If you could only have one employee benefit from a full-time job, which would it be of the following: 1. Health care, 2. Paid vacation, 3. Disability insurance, or 4. Retirement savings? Give reasons why that one would be important to you. **At least 4 sentences for full credit. Each sentence will be graded on grammar and content.
