WorksheetsChapter 8 - Income and Taxes
Total questions: 19
Worksheet time: 20mins
is a set amount of money earned by an employee per year or other fixed length of time
(a)
are employee earnings that are paid by the hour, day, or items
(a)
work for which wages are based on the number of items or pieces produced
(a)
is a fixed percentage or amount of profit given to an employee in exchange in addition to regular pay
(a)
is a sum of money paid to an employee in addition to regular pay
(a)
is money given to an employee by customers in exchange for a service
(a)
The federal government developed standards governing employee payment and compensation is called Fair Labor Standard Act (FLSA)
True
False
Equal Pay
forbids employers from paying one person less than another person for the same work
Minimum Wage
this is the lowest hourly rate an employer may legally pay most workers
Subminimum Wage
is set lower than the standard minimum wage
Overtime
employees that work in excess of 40 hours per week
entitled to some or all of his/her money in the retirement plan when leaving the company
(a)
Full-time – hold wages or salary jobs of at least (a) hours per week
Part-time is when a employee works fewer than 40 hours per week
True
False
short-term assignments at various companies
(a)
are hired for a specified period of time to complete a particular project for an employer
(a)
pay is electronically transferred directly into the recipient’s bank account by completing and signing a form
(a)
is the total amount of money earned for working during a pay period
(a)
is anything that is subtracted from gross pay
(a)
is the amount of pay an employee is left with after taxes and other deductions are subtracted from the gross pay
(a)
Form W-4
Employee’s Withholding Allowance Certificate
Allowances
are factors that affect the amount of income tax withholding
Form W-2
Statement with your entire earnings for the year
Form 1099
Interest earned on savings during the year, sent by the bank
Dependent
is someone who is supported by a taxpayer’s income
Tax deductions
reduces the amount of income that is taxed
Itemized deduction
amounts actually spent on tax-deductible expenses during the year
Standard deduction
a set amount that the IRS allows without listing any actual expenses
Taxable Income
The portion of your income that is actually subject to income tax
Tax Credit
is subtracted directly from the amount of tax owed
