WorksheetsReading Your Paystub Quiz
Total questions: 32
Worksheet time: 31mins
Which of the following is a possible topic covered under earnings and income objectives?
Learn about possible payroll deductions
Learn about the structure of DNA
Study the process of evaporation
Understand the rules of basketball
A server in a restaurant in the United States is most likely to receive which type of compensation?
Tips
Salary
Commission
Bonus
Which of the following jobs is most likely to be paid a salary?
Teacher
Server
Cashier
Realtor
Miguel earns a salary of $72,000 a year and is paid on a semi-monthly schedule. How much does he receive per pay period?
$3,000
$2,000
$6,000
$1,500
If Hannah is paid bi-weekly from her employer, how many months in the year will she receive 3 paychecks instead of 2?
One month
Two months
Three months
Four months
If an employee is paid bi-weekly, what does this mean about the frequency of their paychecks?
They are paid once a month
They are paid every week
They are paid every two weeks on the same day
They are paid twice a month on the same two dates
What is the main difference between mandatory and voluntary deductions?
Mandatory deductions are required by law, while voluntary deductions are chosen by the employee.
Voluntary deductions are required by law, while mandatory deductions are optional.
Both are required by law.
Both are optional for the employee.
If an employee wants to increase their take-home pay, which type of deduction should they consider reducing, if possible?
Mandatory deductions
Voluntary deductions
Gross pay
Net pay
Why is it important for employees to understand the difference between gross pay and net pay?
To know how much they will owe in taxes
To accurately budget their take-home income and financial obligations
To increase their gross pay
To avoid paying any deductions
What government services are paid through FICA (taxes) specifically?
Social Security & Medicare
Federal Income & Corporate Assessment
Financial Insurance & Credit Assistance
Federal Insurance & Childcare Aid
If a person earns $1,000 in gross pay, how much will they contribute to Medicare based on the percentage given?
$14.50
$62.00
$10.00
$1.45
What is the purpose of completing a W-4 form when starting a new job?
To help the government calculate income taxes
To apply for a new job
To receive a tax refund immediately
To register for health insurance
How often does a bi-weekly pay schedule typically pay employees?
Once a month
Every week
Every two weeks
Twice a year
If Mario earns $1,000 gross pay how much will he pay in FICA from his paycheck?
$7.65
$145.00
$76.50
$62.50
A 'W-4 Tax form' is used for:
Calculating annual tax returns
Determining tax withholding from paychecks
Filing state taxes
Reporting investment income
What are 'Federal Required deductions'?
Mandatory taxes and withholdings from an employee's paycheck
Optional benefits chosen by the employee
Company bonuses and incentives
Reimbursements for work-related expenses
The amount you are paid per hour.
Wage
Salary
Interest
Dividend
What are voluntary payments given to service workers as a gesture of appreciation for their work?
Salary
Tips
Bonus
Dividend
What is the term for money paid to an employee as a percentage of revenue they helped generate?
Salary
Bonus
Commission
Tips
If an employee's annual salary is $50,000, what is their monthly salary?
$3,500.00
$5,000.00
$4,166.67
$4,000.00
Money taken from your paycheck to cover things like taxes and health insurance
Rate
Net Pay
Deduction
Gross Pay
The amount of money you earn before taxes and other expenses are taken out
Rate
Net Pay
SSN
Gross Pay
Wage, or the amount of money you earn per unit of time, such as hour or week.
YTD
Rate
Net Pay
W-4
A form that tells your employer how much federal tax to take out of your pay
YTD
SUI
SSN
W-4
What is the purpose of a paystub?
explains how much you earned, how much you pay in taxes, and other monies that were deducted
tells you how many hours you worked
it is a check
to show you the time period in which an employee worked and is being paid for
How much federal income tax is deducted from an employee's wages?
4%
Your employer decides how much is taken out.
It depends on your income level and filing status
10%
The nation’s health care program for the elderly and disabled. This tax provides hospital and medical insurance to those who qualify.
401 K
Medicaid
Medicare
IRA
Select ALL that apply:
Which is/are examples of deductions you may see on your paystub?
Social Security
Medicare
Bonus Pay
Overtime
Please select ALL that apply:
What are examples of benefits you may receive from your employer that will show up on your pay stub?
Medicaid
Health Insurance
401 K
Federal Income Taxes
How many hours are considered to be a full work week?
8 hours
20 hours
30 hours
40 hours
When someone works overtime and earns time and a half, what should you multiply their hourly wage by to figure out their overtime rate?
5
2.5
2
1.5
