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WorksheetsPaychecks and Taxes
Total questions: 30
Worksheet time: 13mins
Gross income is also called “take-home pay.”
True
False
Net income is gross income minus ____.
payroll deductions
bonuses
interest earnings
tax credits
Social Security is a program paid for by voluntary contributions from employees and employers.
True
False
The Form W-2 determines ____.
if you should itemize your deductions
the amount of insurance premiums employers should withhold from your paycheck
how much tax was withheld from your paycheck last year
whether or not you are eligible for tax credits
The Form W-4 determines ____
how much tax was withheld from your paycheck last year
your eligibility for tax credits
the amount of payroll deductions employers should withhold from your paycheck
If you are entitled to a tax refund
The Social Security taxes deducted from your earnings today pay for ____
the health care needs of the poor
the benefits you will receive at retirement
the benefits others are currently receiving
roads and schools
Under the Social Security system, your financial need determines the amount you will eventually receive in retirement benefits or in disability benefits if you should become disabled.
True
False
When you retire, Social Security payments start automatically.
True
False
A dependent is someone who...
relies on someone else to provide a quarter or less of their financial support
relies on someone else to provide more than half of their financial support
is able to fully financially support themselves
provides financial support for someone else
Jeremy just started a new job and completed his W-4 form. Who should he submit it to?
employer
spouse
IRS
no one- he keeps it for his records
When people refer to "Tax Day" they mean...
Jan. 1
Dec. 31
April 15
Whatever day your tax refund comes in the mail
Which of the following is not a form of earned income?
wages
commission
rental income
salaries
Eligible workers who work more than _____ hours per week must receive overtime pay at least _____ times their regular hourly rate.
30, 2
35, 1.5
40, 1.5
40, 2
Income paid as a percentage of sales made by salesperson is a _____.
tip
wage
bonus
commission
The Employee's Withholding Allowance Certificate is a federal tax form that is also called the _____.
W-2
W-4
1040
i-9
A(n) _____ is a report containing information used to calculate taxes owed by the taxpayer.
tax return
w-2
audit
w-4
What is the amount on which taxes are calculated?
net pay
gross pay
taxable income
earned income
The _____ deduction is a fixed amount that may be deducted from adjusted gross income, which is set by law and will vary according to filing status.
itemized
taxable
exempted
standard
The amount of total tax owed on income for the year is known as the _____.
tax bill
tax refund
tax credit
tax liability
What federal program pays for certain health-care expenses for older citizens and others with disabilities?
medicaid
medicare
social security
VITA program
Which type of tax has the effect of imposing a higher tax rate on those with lower incomes?
progressinve
exicise
regressive
proportional
Which of the following is not a benefit category provided by Social Security?
disability benefits
survivor benefits
low-income benefits
At what age do workers become eligible for full retirement benefits from Social Security?
50
55 1/2
65
67
Payment for work that is usually calculated on an hourly, daily basis.
wage
salary
commission
bonus
Money paid for service beyond what is required.
commission
bonus
tip
salary
Amount of earnings not subject to income taxes.
exemption
deduction
benefits
allowance
Amount that is subtracted from adjusted gross income, which further reduces taxable income.
allowance
tax exempt
tax deduction
dependent
Tax levied on one person or entity, but paid by another.
direct tax
indirect tax
proportional tax
income tax
Tax that imposes the same tax rate on all individuals or entities regardless of differences in income or ability to pay.
Proportional tax
Progressive Tax
Indirect Tax
Income Tax
Tax that imposes the same tax rate on all individuals or entities regardless of differences in income or ability to pay.
exemption
reduction
deduction
allowance
