Income & Taxes
19 minutes ago
jemes7070
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22 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    Unearned income is reported on your tax form and taxes must be paid on them.

    answer choices

    True

    False

  • Question 2
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    Q.

    Overtime is calculated at 1.5 times an employee's regular rate of pay.

    answer choices

    True

    False

  • Question 3
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    Q.

    Employees who are paid biweekly are paid twice a week.

    answer choices

    True

    False

  • Question 4
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    Q.

    Employees who are paid semi-monthly receive 26 paychecks per year.

    answer choices

    True

    False

  • Question 5
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    Q.

    Tax deductions are calculated as a percentage of net pay.

    answer choices

    True

    False

  • Question 6
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    Q.

    Federal law requires employers to pay a minimum wage.

    answer choices

    True

    False

  • Question 7
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    Q.

    Social security is the tax that pays for medical insurance for older adults.

    answer choices

    True

    False

  • Question 8
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    Q.

    Which form is used to report an employees earnings and taxes paid in a year?

    answer choices

    W-2

    W-4

    I-9

    1040

  • Question 9
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    Q.

    By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

    answer choices

    January 1

    January 31

    April 1

    April 15

  • Question 10
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    Q.

    What is the deadline for filing personal income tax?

    answer choices

    Federal Government

    IRS

    Social Security Division

    Congress

  • Question 11
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    Q.

    Food stamps, rent subsidies, and vouchers for goods and services are examples of

    answer choices

    in-cash transfer payment

    earned income

    employee benefits

    in-kind transfer payment

  • Question 12
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    Q.

    In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4? Mark all that apply.

    answer choices

    yourself

    your spouse

    your parents

    your children

    your pets

  • Question 13
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    Q.

    What are the four most common taxes that come out of a person’s payroll check?

    answer choices

    Federal Income Tax

    State Income Tax

    City/Local Income Tax

    Medicare Tax

    Social Security

  • Question 14
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    Q.

    money or benefits received from the government

    answer choices

    Transfer payment

    Tax refund

  • Question 15
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    Q.

    amount returned by the government for overpaid taxes

    answer choices

    Transfer payment

    Tax refund

  • Question 16
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    Q.

    pay based on number of hours worked

    answer choices

    salary

    wages

    earned income

    unearned income

  • Question 17
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    Q.

    fixed rate of pay for week, month, or year

    answer choices

    wages

    commission

    tips

    salary

  • Question 18
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    Q.

    withheld from an employee’s wages or salary

    answer choices

    disposable income

    payroll taxes

    workers compensation

    earned income

  • Question 19
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    Q.

    money leftover to spend after paying taxes

    answer choices

    disposable income

    unearned income

    earned income

    gross income

  • Question 20
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    Q.

    Income that has not been worked for such as interest, dividends, or gambling winnings

    answer choices

    disposable income

    unearned income

    earned income

    workers compensation

  • Question 21
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    Q.

    Wages, salary and tips

    answer choices

    unearned income

    earned income

    disposable income

  • Question 22
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    Q.

    Pays medical and disability benefits to employees injured on the job

    answer choices

    unearned income

    earned income

    workers compensation

    Medicare

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