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WorksheetsPersonal Finance Unit 3-4
Total questions: 30
Worksheet time: 29mins
an occupation to which you have made a long-term commitment
Life
Career
Job
Human Capital
skills acquired through a process of self investment
Life
Career
Job
Human Capital
A position in which a person works to earn an income
Life
Career
Job
Human Capital
an arrangement in which a person's pay is electronically transferred directly into the recipient's bank account
Paycheck
Payroll Card
Paycheck Stub
Direct deposit
Federal Insurance Contribution Act; Social Security taxes to provide retirement income and disability benefits
Form I-9
FICA
Form W2
Medicare Tax
employment eligibility verification; documentation must be provided to verify that the person is eligible to work in the United States
Form I-9
FICA
Form W-2
Form W-9
wage and tax statement; states the amount of money earned and taxes paid through the previous year
Form I-9
FICA
Form W-2
Form W-4
withholding allowance certificate; determines the percentage to be withheld for taxes
Form I-9
Form W-4
FICA
Form W-2
the total amount of money a person earns
Gross Pay
Net Pay
Pay Period
Paycheck
Nation's health care program for the elderly and the disabled
Social Security Tax
Medicaid Tax
Withholding Tax
Medicare Tax
the amount of income left after taxes and other deductions are taken out
Gross Pay
Net Pay
Pay Period
Paycheck
start and end dates used to calculate earnings
Pay time
Earning Period
Pay Period
Check time
money given to an employee for work completed
Paycheck
Pay money
Payroll card
Pay Stub
the part of a paycheck that allows an employee to see how much has been withheld
Paycheck
Paycheck stub
Payroll
Pay Period
prepaid card instead of a paper check or direct deposit
Cash App card
Direct Deposit
Payroll Card
Debit Card
the amount of money subtracted from the gross pay for taxes
Taxes
Withholding tax
Medicare Tax
Payroll withholding
the employee's name, address, and social security number
(a)
a mandatory payment made by an individual or organization to the government for public needs
(a)
the amount required by law for employers to withhold from earned wages to pay taxes
(a)
totals all of the deductions which have been withhold from January 1st to the last day of the pay period
Yearly Totals
Year-to-Date
Fiscal Deductions
Current
What is the relationship between education level and income?
The relationship between education level and income exists because....
Employers want employees with low education level because they can teach them everything about the job
Employers want employees with high education level because they have the knowledge of the job
Employees with low education level make more money because employers think it will incentivize them
Employees with high education level get paid the least because employers do not value them
The government uses money collected from taxes to:
(a)
What is a dependent?
Someone who does not need help from others
Relies on social security benefits
Someone who relies on taxpayers
Relies on medicare benefits
Which of the following is an example of human capital?
Jayleigh is an 8th grade student. She really wants to make the 9th grade volleyball team. Her parents bought her private lessons that are offered at the boys and girls club. She told her parents that it was too much work and didn't want to go.
John works as an accountant. People have told him he should go back and get his master's to be promoted, but he doesn't want to spend the money so he decides to stay where he is.
Juliana goes to school at UCA. Her major of study is engineering. During the week, she goes to class maybe two days and only turns in a few assignments a week.
Justin wants to be a pro football player. He decides to wake up on the weekends and practice with his uncle even though he already practices everyday with his teammates on the football team.
What is this employee's pay period?
(a)
What is this employee's year-to-date gross pay?
(a)
What is this employee's current deductions?
(a)
What is this employee's current pay?
(a)
Allison worked 30 hours last week at $7.00 an hour. Her federal income tax withholding was $22.00. Her State income tax withholding was $7.15. With FICA at 6.2% and Medicare tax at 1.45%, what was her net pay?
$210.00
179.25
$164.78
$180.85
