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WorksheetsCareers and Taxes - EPF
Total questions: 82
Worksheet time: 42mins
Which of the following are considered soft skills for workers?
teamwork, communication, getting along with other people
teamwork, communication, software proficiency
teamwork, fluency in a second language, getting along with other people
mathematical skills, communication, getting along with other people
Which of the following is an example of human capital?
education
job experience
good health
on-the-job training
all of these
Which of the following is a result of increased investment in human capital?
higher earnings
reduced job security
lower job benefits
lower education costs
all of these
Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
Gross Pay
Net Pay
Hours and Earnings
Employer Contributions
Which of the following is a mandatory payroll deduction?
FICA Social Security taxes
Federal income taxes
State income taxes
FICA Medicare taxes
All of these
Which of the following is a type of employee benefit?
Health insurance
Child care
Paid vacation and sick days
Parking
All of these
Which of the following is also called an Employee Withholding Allowance certificate?
W-2 form
W-4 form
W-9 form
I-9 form
None of these
Which of the following is taxed at a rate higher than the general sales tax in Virginia (i.e. has an excise tax)?
School supplies during a tax holiday
Alcohol and tobacco
Food consumed at home
Aircraft
All of these
In general, job security and investment in human capital, especially education, tend to have what sort of relationship?
negative
positive
unrelated
neutral
The average cost of basic necessities, such as housing and food for a particular city is called the:
Cost of Living
Standard of Living
Lifestyle
Economy of Living
The (a) form is also called a Wage and Tax Statement and must be submitted with a tax return.
I-9
W-2
W-4
I-4
Virginia does not collect (a) tax.
estate
sales
income
excise
Match the definition with the correct term:
Ranges of taxable income taxed at a given rate
tax brackets
Expenses subtracted from gross income to calculate taxable income
tax deductions
Reductions in tax liability
tax credits
Taxes which increase as the amount being taxed increases
progressive taxes
Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. Every pay period he pays $63.08 into federal withholdings tax, $33.21 into state withholdings tax and $48.96 into FICA payroll taxes (Social Security and Medicare Taxes). What is Bob’s net pay on his paycheck?
494.75
520.00
450.00
560.00
(multiple answers) ________ and ________ are examples of earned income.
A commission
Salary
Interest
An inheritance
Dividends
Human capital is the skills, knowledge, and experience of workers
True
False
Individuals invest in human capital by purchasing goods and services.
True
False
Human capital is when a worker is using capital equipment.
True
False
A worker with more human capital tends to earn
the same salary
a lower salary
a higher salary
less benefits
Which of the following are considered soft skills for workers?
teamwork, communication, software proficiency
teamwork, communication, getting along with other people
teamwork, fluency in a second language, getting along with other people
mathematical skills, communication, getting along with other people
An example of a worker improving their human capital is which of the following?
spending time at leisure
working longer hours
attending community college
attending a concert
By attending college, you sacrifice the income that could have been earned. This is called
opportunity cost
opportunity benefit
Human capital is associated with the resource of
land
capital
labor
A worker with more human capital can produce
less goods and services
more goods and services
the same amount of goods and services.
The knowledge and skills possessed by workers is known as
Human Capital
None of these
Entrepreneurship
Worker Value
Productivity
Which of the following is a way to invest in human capital?
get and stay healthy
volunteer
get more experience
get more education
all of these
Which of the following occupations requires the most human capital investment?
Banker
Middle school teacher
Medical doctor
Diesel mechanic
Truck driver
Human capital is the machines and equipment produced by workers.
True
False
On average, the earned income over a lifetime for someone with a bachelor’s degree is roughly $2 million more than someone with only a high school diploma.
True
False
Workers invest in human capital in order to increase their
human capital
hours
status
profit
Workers who acquire more education and training have invested in their
human capital
value
productivity
wages
Human capital developed while you are at work is called
on the job training
formal education
soft skill development
technical skill improvement
All occupations require ________ human capital investment.
the same
different
no
Which of the following is a reason to invest in human capital?
To increase job opportunities and earnings
All of these
To decrease job security
Because the return on investment is negative
Because the marginal cost is higher than the marginal benefit
Job A requires a college degree and specialized on-the-job training. Job B requires a high school diploma. In general, which of the following is likely to be true?
Job B will be more rewarding than job A
Job A will have more applicants than job B
Job B will lead to more promotions than job A
Job A will have higher earnings than job B
Job A will have higher status than job B
Wyatt has been challenged by his academic advisor to ‘develop some human capital’ this school year. Which activity below would be the LEAST effective way to reach that goal?
Spend additional time playing video games to further develop his eye‐hand coordination.
Volunteer to pick up trash along the roadsides.
Attend a workshop on a topic he has little knowledge of.
Ask his employer if there are any new tasks at work that he might be assigned.
As a worker’s human capital increases, earnings tend to increase.
True
False
Occupations that require more human capital tend to have lower wages.
True
False
Occupations that require a college degree often have higher earnings than those that do not.
True
False
In general, earnings and human capital tend to be
positively related
negatively related
unrelated
An occupation will have higher average earnings when it requires more
human capital
labor
effort
physical capital
Workers with less human capital have higher
unemployment rates
earnings
job security
Which of the following statements is NOT true?
Most people have several careers in different career clusters throughout their lifetime
Jobs are paid positions
People can develop human capital in a variety of ways
Transferable skills can be applied to many personal and professional roles.
Which statement would NOT be true about the value of career research?
Everyone values different aspects of an occupation. One person might value the flexible schedule a particular job offers and another might care more about the amount of training that a career might require
Current job availability and the outlook for future employment are as essential to consider as whether you have the skills, interest and abilities to pursue a particular career.
Opinions from different people working in the occupation should be considered before ruling out a particular career.
There are many careers that would support your well‐being. Career exploration allows you to find the one that pays the most so your well‐being is enhanced to the highest degree.
Miranda is working to develop a broad base of transferable skills. This means that she:
Needs to maintain at least a part time job during the school year.
Use her available hours outside of school for paid employment rather than volunteering.
Will not have as much time to develop her human capital.
Will have a set of versatile skills that she can apply to many personal and professional roles.
Maddy is considering taking a job with a company that is offering gym memberships, flexible hours, repayment of education loans, merchandise discounts, and childcare. These components of the job offer are called:
employee benefits
job perks
work incentives
competitive hiring practices
Which of the following is a type of employee benefit?
Compensation incentive
Appreciation incentive
Rewards incentive
Recognition incentive
All of these are types of employee benefits
Benefits add an average of 30% to an employee's compensation package.
True
False
Rob's parents asked him what employee benefits his employer was providing. Which would be considered employee benefits?
Monthly salary
Location within walking distance of his apartment
Paid sick leave
Travel opportunities
When Maddy compared the Cost of Living Index for the city she currently lives in with the city where the other job was located, the index for her city was 110 and the index for the other city was 85. Which statement is most likely to be TRUE?
Maddy chose her current job because the Cost of Living Index indicated that it would be cheaper to live in her current city than it would have been in the other city.
Maddy chose her current job for reasons other than a lower cost of living.
The cost of re-locating to the other city increased the cost of living there so Maddy chose to live in her current city.
Even though the job in the other city offered a higher salary, it wasn't enough to make up the difference for that city's higher cost of living.
Match the following
Total tax bill
Tax liability
Amount of money left once all deductions have been taken from gross income
Net Income
Products or services provided by an employer that adds extra value for employees
Employee benefits
A person who relies on the taxpayer
Dependent
Outlines the deductions made to wages
Pay Stub
Mary is starting her new job at Target. In order for her manager to know how much to withhold in federal taxes, Mary has to fill out which form?
W-2
I-9
W-4
1040
Which of these are required deductions?
Medicare and Income Taxes
Social Security and Insurance
Employee Benefits and FICA taxes
State Income Taxes and Workman's Compensation
Sales taxes are also known as which of the following?
Consumption taxes
Production taxes
Conservation taxes
Permission taxes
Which of the following is an example of an excise tax?
A tax on electronics
A tax on alcohol
A tax on groceries
A tax on services
What are estate taxes?
Taxes collected when a person purchases property
Taxes collected when a person wins a prize
Taxes collected when a person moves
Taxes collected when a person dies
Virginia does not collect _______________ taxes.
estate
sales
income
excise
What are tax deductions?
Expenses subtracted from gross income to calculate taxable income
Reductions in tax rates
Ranges of taxable income taxed at a given rate
Reductions in tax liability
What are tax credits?
Reductions in tax rates
Ranges of taxable income taxed at a given rate
Reductions in tax liability
Expenses subtracted from gross income to calculate taxable income
What are progressive taxes?
Taxes which increase as the amount being taxed increases
Taxes which are fixed regardless of the amount being taxed
Taxes which change without a relationship to the amount being taxed
Taxes which decrease as the amount being taxed increases
Adjusted gross income also known as which of the following?
Taxable income
Itemized income
Tax-deferred income
Dividend income
Which of the following is NOT a source from which tax forms can be obtained?
Schools
Post offices
websites
Libraries
What is a 1099 form?
A record of new employees’ withholding
A record of wage and salary earnings and taxes withheld
A record of untaxed earnings
A record of past tax payments
What is a W-2 form?
A record of wage and salary earnings and taxes withheld
A record of past tax payments
A record of untaxed earnings
A record of new employees’ withholding
What date is usually “tax day”?
June 1
September 22
January 31
April 15
Which of the following is NOT considered tax fraud?
Falsifying income
Claiming no deductions
Claiming false deductions
Failing to file a required tax return
What is a tax audit?
A detailed examination of a specific tax return by the IRS
A downloadable computer software used to prepare tax returns
A deliberate misrepresentation of tax information
An example of a tax preparation agency
Which of the following accurately describes taxes?
Percentage-based fees assessed by the government
Variable fines charged by the government for wrongdoing
Payment for goods and services received from foreign countries
Restrictions limiting the use of public services
Sales tax rates vary from state to state.
True
False
Which of the following is an example of an excise tax?
A tax on groceries
A tax on tobacco
A tax on clothing
None of these
Which of the following is considered a tax credit?
A reduction in taxes due to children
A deduction for itemized medical expenses
A decline in taxable income due to charitable contributions
A refund check issued by the government because of a tax cut
Which type of taxes impact the economy by reducing economic inequality?
Sales taxes
Wealth taxes
Property taxes
Earnings taxes
Standard tax deductions for an individual are ____.
$10,000
$4,300
Based on a personal income
Different every year
Which of the following is NOT a benefit of e-filing?
Faster response time
More accurate returns
Convenience
Less tax liability
Which of the following is NOT a benefit of federal, state or local taxes?
Education
Sporting events
Public transportation
Housing
What are estate taxes?
Taxes collected when a person purchases property
Taxes collected when a person dies
Taxes collected when a person wins a prize
Taxes collected when a person moves
The regular schedule that employers pay their employees is called the __________.
worker’s compensation
pay period
employee benefits
employer contribution
The most secure method for an employer to pay employees is to use
direct deposit
payroll card
printed paycheck
in‐store credit
Gross income – deductions = ______________
Social Security
Medicare
net income
employee benefits
To be considered for lifelong employment a person must continually maintain their employability. Three actions below will help to maintain employability. Which one WILL NOT?
Maintain high standards in honesty, reliability, and punctuality.
Adjust your actions to be appropriate for different situations you find yourself in, because you realize that what is appropriate in social situations is not necessarily appropriate in the work environment.
Continue to learn by taking classes and striving for continual improvement on the job.
Seek ways to blend your personal and professional images online to enable current and future employers to see that you have a varied and interesting life both in and outside of work.
The average cost of basic necessities, such as housing and food for a particular city is call the:
Standard of Living
Lifestyle
Cost of Living
Economy of Living
Career assessments help to identify:
the job an individual should have if he/she wants high well‐being
positions available in a particular occupation
fastest and slowest growing careers in a particular occupation
possible career areas related to one’s interests
