Worksheetsnew Unit 2 Quiz (2022)
Total questions: 17
Worksheet time: 11mins
These factors are describing which TAX FORM?
-You fill out first day of a new job
-Line / Box 5 represents your deductions - which affects your paycheck and your refund
W2 Form
W4 Form
1040 EZ
I9 Form / Requirements
These factors are describing which TAX FORM?
-This form requires that you bring ID first day on the job
-This form requires you prove you are eligible to work in the US (through ID)
W2 Form
W4 Form
1040 EZ
I9 Form / Requirements
These factors are describing which TAX FORM?
-This is the official form to file your taxes
-You must have a W2 form for every job in order to complete this form
W2 Form
W4 Form
1040 EZ
I9 Form / Requirements
These factors are describing which TAX FORM?
-Your employer fills this out in January
-Your employer must send this out by Feb 1
-It is a summary of what you made and what you paid
-You must have this form to file your taxes
W2 Form
W4 Form
1040 EZ
I9 Form / Requirements
What is the main difference between GROSS pay and NET pay?
Gross pay is what you get after taxes, while Net pay is before taxes
Gross pay is the % that your employer matches for retirement
Gross pay is before taxes, while Net pay is what you get after taxes
Gross pay is how much you have to pay in taxes every pay period
Which pay do you see on your actual paystub / in your bank account on payday??
GROSS PAY
NET PAY
Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.
Jeremy worked 33 hours this week.
Calculate Jeremy’s GROSS PAY.
40 x 9.20 = $368
33 x 9.20 = $303.60
30 x 9.20 = $276
Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.
Jeremy worked 45 hours this week.
Calculate Jeremy’s GROSS PAY not including overtime hours
45 x 9.20 = $414
40 x 9.20 = $368
Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.
Jeremy worked 45 hours this week.
Calculate Jeremy’s OVERTIME PAY RATE
9.20 x 2 = $18.40/hour
9.20 x 1.5 = $13.80/hour
Jeremy works a full time job (standard is 40 hours a week) and sometimes has opportunities to make overtime pay. His regular salary is $9.20/hour.
Jeremy worked 45 hours this week.
Calculate Jeremy’s Gross Pay - INCLUDING OVERTIME PAY
40 x 9.20/hour = $368
9.20/hour x 1.5 = $13.80 / hour for overtime
$13.80 x 5 hours of overtime = $69
$368 gross pay + $69 overtime pay = $437
45 x 9.20/hour = $414
How do you do the math to calculate OVERTIME PAY?
Hourly pay x 2
Hourly pay x 1
Hourly pay x 1.5
Hourly pay x 3
What is the difference between an hourly job and a salary job?
Hourly you get paid by the hour
Hourly employees can earn overtime pay
Salary paid workers get paid the same no matter how many hours they work
All the answers here are true
Look up a paystub photo on the internet or on your Paystub Basics assignment. Which of the following is ALWAYS true?
Federal Income Taxes is always the highest tax amount
State Income Taxes is always the highest tax amount
Social Security Taxes is always the highest tax amount
Medicare Taxes is always the highest tax amount
TRUE or FALSE: Every state has state income taxes
TRUE
FALSE
Our taxes pay for which of the following?
Transportation services (ex: subway system & train stations)
City schools and the resources in the schools
City, local and national parks
All of these answers are true
Which of the following is an example of PORTFOLIO INCOME?
Wendy's paycheck
Stock market dividends earnings
Rental property income
Money earned from a garage sale
Which of the following is an example of PASSIVE INCOME?
Wendy's paycheck
Stock market dividends earnings
Rental property income
Money earned from a garage sale
