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WorksheetsIncome & Benefits Review
Total questions: 32
Worksheet time: 16mins
If you get paid exactly every two weeks, you're being paid...
Semi-monthly
Biweekly
I'm paid twice a month, on the 1st and the 15th of every month. I get paid...
Semi-monthly
Biweekly
Monthly
All salaried employees are eligible for overtime.
True
False
________ = We pay our federal income taxes all year long (a little bit every paycheck)
Pay Yourself First
Pay As You Earn
Allowance
The more allowances (dependents) you have, the more you'll pay in federal income taxes.
True
False
Gross Pay - Deductions = ?
Net Worth
Commissions, tips, and hourly wages are all examples of earned income.
True
False
Profits from selling assets (ex: house or stocks)
allowances
earned income
net worth
An unexpected, large sum of money (ex: inheritance)
capital gain
A tip is also known as a...
commission
Real estate agents and salespeople are often paid a percentage of their sales. This is known as a commission.
True
False
If you are paid an hourly wage and work more than _____ hours in a week, you are supposed to get paid overtime.
35
40
80
Currently, the minimum wage in Virginia is $12 per hour. The federal minimum wage is $7.25 per hour.
True
False
What payrate do you get paid for working overtime?
Same hourly rate you always get paid
"Time and a half" (1.5 times normal rate)
"Double time" (twice the normal rate)
You worked 45 hours in one week and normally get paid $12 per hour.
How much will you get paid for the 5 hours of overtime? [Just the overtime part...]
$12 x 5 hours
($12 x 1.5) x 5 hours
$12 x 45
Which payment method is the most convenient, fastest, and has no fees?
Direct Deposit
Paycheck
Payroll Card
How much is deducted from your gross wages for FICA?
It varies based on your income
Which of these is considered a mandatory (required) payroll deduction?
health insurance
wage garnishments for debts
retirement plan
This form tells your employer how much to withhold from your paycheck for federal income tax withholding.
The "Payroll Tax", also known as ______, funds Social Security and Medicare.
FDIC
FICO
Most salaried employees don't quality for overtime. They get paid the same annual amount (salary) no matter how many extra hours they work.
True
False
This 1938 law established minimum wage, overtime paid, and child labor rules.
Social Safety Act
Laborer Protection Act
The earliest age you can begin collecting Social Security Retirement benefits is
59 1/2
62
65
67
Our full retirement age for Social Security benefits is _____ years old.
59 1/2
65
66
67
One of the reasons tobacco products are so expensive is because they are subject to this tax.
Excise Tax
Sales Tax
Property Tax
Who qualifies for Social Security Retirement benefits?
Every senior citizen
Everyone who works at least 10 years
Everyone who works at least 10 years AND pays FICA taxes
On your paystub, Y-T-D stands for "year-to-date".
True
False
Income taxes are progressive taxes. The more you earn, the more taxes you pay.
True
False
Which of the following is NOT a proportional (flat) tax?
income tax
sales tax
FICA
property tax
The federal government uses fiscal policy to stabilize the economy. Congress will raise or lower taxes.
True
False
Social Security Retirement benefits are our only source of income for retirement.
True - It pays enough for us to survive
False - Doesn't pay enough so we need to save too
Which of these is an example of an employee benefit? Choose multiple answers.
Social Security Retirement
