WorksheetsIncome Tax and Paychecks Review
Total questions: 45
Worksheet time: 1hrs 10mins
Liam receives his paycheck and notices a DATE on it. What does this PAY DATE represent?
The day Liam is actually being paid
The date range the paycheck is covering for Liam
The total amount of money Liam made
The amount of money available to Liam
Arjun just started a new job and is trying to understand his paycheck. What does the term 'pay period' refer to?
The day Arjun is actually being paid
The date range Arjun's paycheck is covering
The total amount of money Arjun made
The amount of money available to Arjun
Aria, Olivia, and Scarlett are discussing their part-time jobs. Scarlett asks, 'What is net pay?'
The day Scarlett actually gets her paycheck
The date range Scarlett's paycheck is covering
The total amount of money Scarlett made at her job
The amount of money available to Scarlett AFTER deductions
Noah recently received his pay stub and noticed something confusing on it. What should he do?
Ask his employer for clarification
Ignore it and move on
Complain to his co-workers
Research it on his own
Benjamin recently started a new job and his employer offers health insurance, disability, and retirement benefits. What deductions might be present in his next paycheck?
Federal income tax, state income tax, Medicare, and Social Security
Payments/deductions for Health insurance, disability, retirement, and taxes
Gross pay and net pay
Pay date and pay period
Being paid $76,000 a year is the same as $__________ weekly.
$1461
$2238
$6333
$875
Being paid $3755 monthly is the same as $_________ annually.
$45,060
$15,020
$1,877
$53,275
What are the different components of a pay check?
Hourly rate, annual salary, commission
Gross pay, deductions, net pay, additional earnings or bonuses
Taxes, insurance, retirement savings
Overtime pay, holiday pay, sick pay
What is the purpose of a pay stub?
To show the employee's favorite color
To provide detailed information about an employee's pay
To provide information about company policies
To track employee attendance
What is the difference between gross pay and net pay?
Gross pay is the total earnings before deductions, while net pay is the amount left after all deductions are made.
Gross pay is the amount left after all deductions are made, while net pay is the total earnings before deductions.
Gross pay and net pay are the same.
Gross pay is the amount of money an employee earns per hour, while net pay is the total earnings for the year.
What is the difference between a salary and a wage?
A salary is a fixed amount of money paid to an employee for a set period of time, while a wage is paid based on the number of hours worked.
A salary is paid based on the number of hours worked, while a wage is a fixed amount of money paid to an employee for a set period of time.
A salary and a wage are the same.
A salary is the amount of money an employee earns per hour, while a wage is the total earnings for the year.
Felipe earns 5% commission on his sales at Best Buy. One week his sales totaled $9,650. What was his commission for the week?
$9,167.50
$482.50
$965
$487.50
Randy works 40 hours a week. His regular hourly rate is $23.61. How much does Randy make annually?
$944.40
$11805
$47220
A form W-2 _____.
arrives monthly
gets completed on your first day of work
is used to file an income tax return
should be shredded after receipt
Income Tax Returns must be filed by _____
April 15
December 31
January 31
June 1
Which of the following is not a mandatory deduction?
Federal and state taxes
FICA (Social Security / Medicare)
Healthcare
Local taxes
What document am I? I am received whenever you start a job. You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me.
1040
I-9
W-2
W-4
1099
What document am I? I am received whenever you start a job. You list information about yourself and your family on me. I determine how much money gets taken out of each paycheck.
1040
I-9
W-2
W-4
1099
This is a possible sample of what type of form?
W-2
W-4
1040
1099
You can file your taxes all of the following ways, except...
by mail
by phone
digitally/electronically
Through a tax consultant or certified professional
What are 2 things a w-2 form tells you? (check 2)
how much you earned for the year in wages and tips
How much your retirement plan grew in total for the year
A breakdown of what your tax deductions were spent on by the government
how much was withheld (deducted) from your paychecks
What item would you DEFINITELY see on all paystubs?
Retirement Plan
Healthcare Deductions
Gross Pay
Your occupation/role
All of the following services are fully funded by taxes, except...
roads
police
post office
fire departments
all of the options are funded by taxes
What type of tax system does the U.S. primarily use?
Proportional
Flat
Progressive
Regressive
Income Tax
tax on money earned from a job
Sales Tax
Tax paid on items you buy
Property Tax
Tax paid on property you own
All of the following employee information is included on a W-2 form EXCEPT...
Employer name and EIN (Employer Identification Number)
Employee’s Social Security Number
Employee’s date of birth
Employee’s current address
Which form is used to file your tax return with the IRS?
W-2
W-4
1099
1040
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
What is earned income made up of?
Investments
Wages and salaries
Gifts
Interest from savings
What is the standard deduction?
A set deduction amount that lowers your effective tax rate
A deduction for charitable donations
A deduction for medical expenses
A deduction for educational expenses
Which is better: standard or itemized deduction?
Always standard
Always itemized
Whichever is higher
Whichever is lower
If you are owed a tax refund, how can you receive it?
You won't have to pay taxes the next year.
It will automatically be applied to any credit card debts you have.
You must go pick up your refund at the IRS.
IRS will mail a paper check or you can have the money directly deposited.
What happens if you owe tax money and you can't afford the full amount?
You have the option of requesting a payment plan.
____ is the deadline to file your tax return.
January 31
January 1
December 31
April 15
The company or person you work for is called your ...
employee
employer
teacher
Identify TWO examples of taxes deducted from your paycheck.
Federal
Road Taxes
Social Security
Public Safety Tax
Which state has the highest state income tax?
Oregon
California
New York
Hawaii
Ron decides to see what percentage his company is taking out for Federal Taxes. What percentage of his gross pay is the company taking out for Federal Taxes?
0%
22%
6%
14%
Which form comes pre-filled by your employer that you MUST have to fill out your tax form?
Beth found out that she owes money to the IRS after filing her tax return. What is the most reasonable explanation as to why she owes money in taxes?
Too much money was withheld from her paychecks.
Not enough money was withheld from her paychecks.
The IRS is asking Beth for a future advance on her possible taxes for next year.
