WorksheetsIncome Quiz
Total questions: 22
Worksheet time: 6hrs 30mins
A deduction is
gross income
money added to your income
net income
money taken out of your income
Gross income is:
the total amount of money BEFORE taxes
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Net income is:
the total amount of money you earn
the amount of money you receive after deductions are subtracted from your gross income
the amount of money that is taken away in the form of taxes
the hourly rate of pay
Payment for a fixed amount of work is...
A Contract
Commission
Income
Minimum Wage
Being paid Bi-Weekly means you get paid every...
Two Days
Two Weeks
Two Months
Two Years
A Salary is...
How much you get paid per HOUR
How much you get paid per WEEK
How much you get paid per YEAR
How much you get paid per MONTH
Michael worked 42 hours last week. His regular pay is $10.00 per hour. He is paid 1 1/2 times his regular pay for overtime hours (in excess of 40 hours). What was his gross pay?
$420
$430
$630
$840
What is Lisa's net monthly income if her monthly income is $1,000 per month and her total deductions are $199.80?
$1,000.00
$800.20
$199.80
None of the above
Tina will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (a total of $3,000 for the whole summer). Tina does not plan to work any other jobs this year.
What is Tina's gross annual income (GAI)?
$1,000
$2,000
$3,000
$12,000
Who pays into Social Security?
Employees
Self-employed
Employers
All of the above
What percent of your earnings goes to Medicare?
1.45%
.0145%
6.2%
.062%
What percent of your earnings goes to Social Security?
1.45%
.0145%
6.2%
.062%
EVERY taxpayer pays the same tax rate for Medicare, no matter how much you make.
True
False
The annual cost for medical insurance is $5000. The company pays 90% of the cost. How much is deducted from your paycheck on a weekly basis?
$500
$9.62
$19.23
$41.67
Which will always be higher? Net pay or Gross pay.
Net pay
Gross pay
The time period in which an employee gets paid is called?
pay check
pay period
time period
none of these
Which are considered mandatory deductions from a paycheck?
social security
medicare
federal income tax
all of these
Which are considered optional deductions from a paycheck?
life insurance
health insurance
union dues
all of these
On what date is John Doe receiving his pay?
September 11
September 7
September 25
September 18
How much FICA Medicare tax did John Doe pay in the current pay period?
$58.00
$11.60
$42.25
$48.31
Which of the following is not a mandatory deduction?
Federal and state taxes
FICA (Social Security / Medicare)
Healthcare
Local taxes
