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Chapter 10 Review: Income and Taxes

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

Overtime is calculated at 1.5 times an employee's regular rate of pay.

a)

True

b)

False

2.

Employees who are paid biweekly are paid twice a week.

a)

True

b)

False

3.

Employees who are paid semi-monthly receive 26 paychecks per year.

a)

True

b)

False

4.

Tax deductions are calculated as a percentage of net pay.

a)

True

b)

False

5.

Federal law requires employers to pay a minimum wage.

a)

True

b)

False

6.

Social security is the tax that pays for medical insurance for older adults.

a)

True

b)

False

7.

Which form is used to report an employees earnings and taxes paid in a year?

a)

W-2

b)

W-4

c)

I-9

d)

1040

8.

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

a)

January 1

b)

January 31

c)

April 1

d)

April 15

9.

amount returned by the government for overpaid taxes

a)

Transfer payment

b)

Tax refund

10.

pay based on number of hours worked

a)

salary

b)

wages

c)

earned income

d)

unearned income

11.

fixed rate of pay for week, month, or year

a)

wages

b)

commission

c)

tips

d)

salary

12.

withheld from an employee’s wages or salary

a)

disposable income

b)

payroll taxes

c)

workers compensation

d)

earned income

13.

money leftover to spend after paying taxes

a)

disposable income

b)

unearned income

c)

earned income

d)

gross income

14.

Income that has not been worked for such as interest, dividends, or gambling winnings

a)

disposable income

b)

unearned income

c)

earned income

d)

workers compensation

15.

Wages, salary and tips

a)

unearned income

b)

earned income

c)

disposable income

16.

Pays medical and disability benefits to employees injured on the job

a)

unearned income

b)

earned income

c)

workers compensation

d)

Medicare

17.
Taxes are deducted from all employees paychecks
a)
true
b)
false
18.
What can happen if you don't file/pay taxes?
a)
You can get fined
b)
You can own back taxes
c)
You can go to prison
d)
All of the above
19.
Money paid to the government from working for pay
a)
excise tax
b)
income tax
c)
sales tax
d)
payroll tax
20.
The government agency in charge of collecting tax.
a)
FICA
b)
IRS
c)
NBA
d)
SEC
21.
Total amount of earnings made over a month before any deductions are____________.
a)
gross annual income
b)
net monthly income
c)
gross monthly income
d)
net annual income
22.
What is the amount of the monthly income remaining after all deductions have been taken?
a)
gross annual income
b)
gross monthly income
c)
net annual income
d)
net monthly income
23.
What is money received on a regular basis for work or through investments?
a)
salary
b)
paycheck
c)
wage
d)
income
24.
The different ways an employer can issue pay checks are:
a)
Weekly
b)
Bi-Weekly
c)
Monthly
d)
All of these are correct
25.
By designating $3 to go to the Presidential Election Campaign Fund, you areincreasing your tax liability by $3.
a)
True
b)
False
26.
Taxable income includes such things as wages, tips, salaries, alimony, andchild support.
a)
True
b)
False
27.
A W-4 is given to you by an employer...
a)
True
b)
False
28.
Withholdings from paychecks that go to provide income support for people who are unemployed, disabled, or over age 65
a)
401k
b)
Social Security
c)
Medicare
d)
Medicaid
29.
What is the purpose of a W-4?
a)
To track your tax history
b)
To tell you how much you will earn each month.
c)
To inform you on how much your employer will withhold on your taxes
d)
None of the above
30.
Just like you have a social security number, your employer has a _____ number that they place on your W-4 form.
a)
AIM
b)
EPN
c)
DWM
d)
EIN
31.
A required payment to local, state, or national government is 
a)
a tax
b)
revenue
c)
a ripoff
32.

Income earned from employment or self employment

a)

Wage

b)

Earned Income

c)

Salary

d)

Piecework

33.

Payment for work (often weekly or every other week)

a)

Wage

b)

Minimum Wage

c)

Bonus

d)

Piecework

34.

The lowest hourly wage employers can pay most workers by law

a)

Minimum Wage

b)

Wage

c)

Overtime Wage

d)

Salary

35.

Paid to eligible workers who work more than 40 hours per week

a)

Overtime Wage

b)

Bonus

c)

Tips

d)

Commission

36.

Fixed payment for work (expressed as an annual figure)

a)

Salary

b)

Wage

c)

Commission

d)

Bonus

37.

How many hours are in a typical work week?

a)

40

b)

30

c)

26

d)

35

38.

Income paid as a percentage of sales made by a salesperson

a)

Commission

b)

Tip

c)

Gratuity

d)

Bonus

39.

Total Income before deductions

a)

Gross Pay

b)

Net Pay

c)

G.E.T Pay

d)

Payroll

40.

What are 3 examples of mandatory deductions from gross pay?

a)

FICA taxes, State taxes, and Federal taxes

b)

Payroll tax, Insurance premiums, and Healthcare

c)

State taxes, Federal taxes, and Insurance premiums

d)

Income tax, FICA taxes, and Insurance premiums

41.

Internal Revenue Service use your Social Security Number as your Tax Identification Number

a)

TRUE

b)

FALSE

42.

Who would pay more in taxes?

a)

Single person

b)

Married person with 1 child

c)

Married person with 3 children and takes mother depends on their income

43.

State income tax support programs such as

a)

roads and education

b)

groceries and utilities

c)

medical care

d)

prescriptions

44.

Federal income tax support programs such as

a)

roads and education

b)

groceries and utilities

c)

governor's salary

d)

national security

45.

What percentage of wages is taken out for social security?

a)

1.45%

b)

5%

c)

6.2%

d)

varies

46.

What percentage of wages is taken out for medicare?

a)

1.45%

b)

5%

c)

6.2%

d)

varies

47.

Your salaries, wages, commissions and tips from previous year

a)

gross income taxes

b)

net income taxes

c)

W-2

d)

W-4

48.

Taxes should be file by ________ 15th in order to not pay any late penalties.

a)

January

b)

April

c)

September

d)

December

49.

If you paid MORE income tax than necessary, you will

a)

need to pay

b)

open a savings account

c)

have a credit on your taxes for next year

d)

receive a refund

50.

If you paid LESS income tax than necessary, you will

a)

need to pay

b)

open a savings account

c)

have a credit on your taxes for next year

d)

receive a refund

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