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WorksheetsAdulting 101 Quiz
Total questions: 26
Worksheet time: 9mins
What are payroll deductions?
Money added to your paycheck
Penalties for being late
Money subtracted from your paycheck for taxes and benefits
Which of these is typically a mandatory paycheck deduction?
Union dues
Federal income tax
Retirement fund contribution
What is Social Security?
A retirement, disability, and survivors benefit program run by the government
A type of private insurance plan
A tax only for people over 65
What is the employee payroll tax rate for Social Security in 2025?
6.2% on wages up to $176,100
8.4% on all wages
1.45% on wages up to $300K
What is the purpose of the W-4 form?
To request vacation time
To decide how much income tax is withheld
To decide your retirement withholding
Paid time off (PTO) usually includes:
Sick days, vacation, and personal days
Break time, lunch, and training hours
Overtime, tips, and holidays
What does withholding mean on your paycheck?
Giving your paycheck before Christmas time to buy presents
Overtime time pay calculation
Money your employer holds back for taxes and benefits
What is the employee payroll tax rate for Medicare in 2025?
3.0% on bonuses
1.45% on all wages
0.9% on all wages
Why is starting to save for retirement early beneficial?
Because compound interest grows savings faster over time
Because retirement is free money from your employer and the longer you are there the more you get
You have less expenses when you are young because you don't have kids
What does “net pay” mean?
The total amount before deductions
The money you take home after deductions
Your average monthly earnings
What is a good way to manage conflict with a coworker?
Yell to prove your point
Ignore the issue forever
Ask your supervisor to help mediate politely
Which dental services are often covered at 100% under many dental plans?
Routine cleanings and X-rays
Routine cleaning and all surgeries
Orthodontic braces
What form do employees use to report their wages on their tax returns at year-end?
W-4
1099
W-2
What is one way employers often encourage employees to save for retirement?
By offering free lunch
By matching a percentage of employee 401(k) contributions
By providing extra vacation days
When is life insurance most commonly recommended?
Only before age 30
When you are retired
When you have dependents who rely on your income
When is the federal income tax filing deadline for most taxpayers?
January 15
April 15
June 30
How much is generally recommended to have in an emergency fund?
One month’s income
Three to six months’ worth of living expenses
One year’s income
Are all states in the U.S. required to charge state income tax?
Yes
No Alaska and Hawaii don't have to as they are not part of the mainland
No some states do not have an income tax
What happens if you don’t pay your federal income taxes on time?
You face penalties and interest charges
Nothing, they will take your returns at any time
You get a tax refund automatically
How can good credit help you as an adult?
It can get you social media deals
Guarantees free money
Helps you get approved for loans and lower interest rates
What is considered a good credit score?
anything above 500
anything above 750
anything above 670
Why is health insurance important even if you are young and healthy?
Protects you from large medical bills in case of accidents or illness
It is optional and not needed at all
Only used by older people
What does "graduated tax rate" mean for federal income tax?
Everyone pays the same flat percentage regardless of income
Tax rates increase as income increases, applying different rates to income brackets
Only the highest earners pay income tax
In general what is the highest federal income tax rate for a single taxpayer earning $60,000?
18%
30%
22%
When is it appropriate to ask for a raise?
After demonstrating good performance and meeting company goals
Two quarters after you are hired
Right before Christmas
For 2025, what is Iowa's income tax rate for all taxpayers?
3.8%
5.8%
6.0%
