WorksheetsUnit 4 Sources of Income and Employee Benefits
Total questions: 25
Worksheet time: 34mins
What is compensation?
the amount of money a person is paid per hour
the annual amount of money that a person is paid
money paid and benefits provided to a person for their work
overtime pay
What are wages?
the amount of money a person is paid per hour
the annual amount of money a person is paid
money paid and benefits provided to a person for their work
tips and overtime pay
What does salary mean?
tips and overtime pay
the amount of money that is paid per hour
money paid and benefits provided to a person for their work
fixed amount paid on a bi-weekly or monthly bases
What are benefits?
raise in pay/salary
promotion on the job
all forms of compensation other than salary & wages
putting money into your savings account
What is Social Security?
a federal program that ensures workers will get income after they retire
money that goes towards tips
making sure that employees are social on the job
money in your checking account
Managers and professionals are usually paid a salary.
True
False
A person paid hourly is eligible for what?
longer hours
overtime pay
tips and weekends off
work whenever they want to
The W-2 form is used to...
gather tax withholding information for an employee.
purchase health insurance from an insurance marketplace.
report an employee's annual income and taxes.
verify that their RSU account is certified with another tax form.
To what entity do we pay taxes?
FBI
JOB
IRS
Mr. Dawson
After applying the standard deduction, how much of a $48,200 salary is taxable income?
$48,200
$36,000
$38,500
$26,300
After applying the standard deduction, how much of a $55,000 salary is taxable income?
$33,100
$45,300
$55,000
$42,800
For an individual with $36,000 in taxable income, how much money will that individual pay in the 10% tax bracket?
$12,200
$3,600
$9,700
$970
What is a withholding?
money the government withholds from your paycheck
money you subtract from your taxable income to lower the amount of taxes you owe
a person who depends on you financially
money your employer withholds from your paycheck to pay taxes on your behalf
What is a deduction?
money the government withholds from your paycheck
money you subtract from your taxable income to lower the amount of taxes you owe
a person who depends on you financially
money your employer withholds from your paycheck to pay taxes on your behalf
What does the term 'Gross Pay' refer to?
The total pay an employee receives after deducting taxes
The amount of money an employee earns before any deductions
The amount of money an employee earns after deducting taxes
The total pay an employee receives after deducting insurance premiums
What are the different types of employee compensation?
Vacation days, sick leave, maternity/paternity leave
Salary, wages, bonuses, commissions, benefits, and perks.
Hourly pay, overtime pay, profit sharing, stock options
Pension, retirement plans, healthcare benefits
What is the difference between salary and wages?
Salary is based on hours worked, while wages are fixed.
Salary is paid monthly, while wages are paid weekly.
Salary is earned by hourly workers, while wages are earned by salaried workers.
Salary is fixed, while wages are based on hours worked.
Which of the following is NOT an optional deduction from your pay?
Medicare tax
Life insurance
Health insurance
Savings play
Tips are subject to state and federal taxes.
True
False
Which of the following is a NOT a benefit?
Vacation time
Holiday Pay
Salary
Sick Leave
Federal, Social Security, and Medicare are all types of taxes.
True
False
Net pay can also be called
Taxable income
Taxed income
Take home pay
Bonus
Any payment for the use or occupation of property.
Rent
Salary
Interest
Dividend
Payments from companies in which you own stock.
Rent
Salary
Interest
Dividend
