WorksheetsUnit 2 Earning Income Test Review Fall 2024
Total questions: 20
Worksheet time: 15mins
Amount of pay earned before any taxes or deductions is called (a) income
Amount of pay earned after taxes and deductions
(a)
Which summary income tax form is given to people who earn income through a "normal" job such as working for Apple?
W2
1099
1040EZ
TI-87
What is the purpose of tax forms 1099 and W2?
Shows summary of income so you can file your taxes
Tell you how much in taxes you owe
Calculates Sales Tax for a business you own
Shows you how much of a refund you should expect
Which tax is paid for by employees and employers and is used to pay for insurance of retired Americans?
(a)
Which type of worker performs an activity where they make money for on demand work
Salaried
Hourly
Gig
Social
Which is not an example of a gig economy worker
Driving for Uber/Uber Eats
Instacart Shopping
Selling items on Etsy
Working for a school district
Which tax is paid when you profit on investments such as stocks, interests, and options contracts?
(a)
True or false: Long term gains in the stock market are taxed at a lower tax rate than short term gains
True
False
Which is a perceived benefit of working immediately after graduating high school?
High student loans
Higher income ceiling (you can earn more money)
Access to an alumni (other college graduates from your college) organization
Immediate earnings power and savings potential
Which of the following are soft skills
Punctuality (Time management)
Proficient in Microsoft products (Word, PowerPoint)
Coding in computer language C++
Being able to change oil in a car
Which of the following is a hard skills
Creating Accounting statements such as Income and balance sheets
Punctuality
Organization
Communication
Which of the following is not a potential outcome of college
Access to connections to build a network of contacts
Guarantee to make more money
Accumulate College Debt
Potential training and experience in a field you choose.
Which of the following is not a reason people choose a certain job
Opportunity for growth
Higher Salary
Lack of Purpose
Proximity to home
Which document is used to summarize your job experiences and skills
Cover Letter
Resume
W2
1099
Skills listed on a resume that are more like character traits, such as organizational skills and punctual
Hard Skills
Soft Skills
Meaningless Skills
School Skills
Skills that can be trained, such as coding in C++ or speaking a second language
Hard Skills
Soft Skills
School Skills
Meaningless Skills
Calculate the Sales Tax paid if the tax rate is 6% and the bill is $210
(a)
Calculate the Medicare Tax paid if gross pay is $3000.00 and the tax rate is 1.45%
(a)
Calculate net pay if gross pay is $3200.00; social security tax is $320.50, medicare tax is $100.00 and retirement contributions are $125.00
(a)
