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WorksheetsFinance Park Income Assessment
Total questions: 14
Worksheet time: 9mins
Your abilities include
The things you do welll
Your mental competence
The skill you need to do something
All of the above
Career planning is done
After high chool
In college
Throughout a lifetime
Once in a lifetime
Who pays taxes?
Most people who have a job
Most people who purchase items
Most people who own property
All of the above
What are the three main types of taxes?
Income sales and property
Unemployment, sales and property
Federal Income, unemployment and state
Sales, property, and unemployment
What is Social Security?
A private insurance system just for the elderly
A free insurance system
The amount of money someone has
None of the above
The purpose of taxes is to
Improve roads
Support government
Pay retirement benefits
All of the above
Who pays into Social Security?
Employees
Self-employed
Employers
All of the above
Federal, Social Security, and Medicare are all types of taxes.
True
False
The total amount of earnings made over a one-year period after all deductions have been taken is known as
Gross Annual Income (GAI)
Gross Monthly Income (GMI)
Net Annual Income
Net Monthly Income
The total amount of earnings made over a month, before any deductions, is known as
Gross Annual Income (GAI)
Gross Monthly Income (GMI)
Net Annual Income
Net Monthly Income
What is Tina's gross annual income (GAI)?
(a)
Tina’s total paycheck deductions are listed below. Add these amounts together to determine her total paycheck deductions for the three months.
» $255.90 federal income tax (summer total)
» $114.00 state income tax (summer total)
» $186.00 Social Security, or FICA (summer total)
» $43.50 Medicare tax (summer total)
(a)
What is Tina’s gross monthly income for each of the summer months (GMI)?
(a)
What is Tina’s net monthly income for each of the summer months (NMI)?
(a)
