If your CPA prepares your federal tax return, who is responsible for any errors on the return?
What is YOU!
100
Jeremy is a Teacher at Fredericktown Schools. He works, on average, $60 a week. Why is he not entitled to overtime?
What is because he is an exempt employee (exempt from overtime).
100
Mark works as a construction worker and makes $22 an hour. Determine his hourly overtime rate required by the Fair Labor Standards Act.
What is $33.
100
Mary is a student at FHS. She has never held a job, but she recently applied at Walmart. What should she write on her application where it asks her to list her "Work Experience."
What is "None." It IS applicable--she just doesn't have any.
100
In this employment category, two people carry out the responsibilities of one individual. This is referred to as?
What is job sharing.
200
Other than wages and tips, name two types of income that are subject to income taxes .
What is lottery earnings, bingo earnings, interest income, etc.
200
Suzy works a 42-hour week at her cashiering job at McDonalds and makes $10 an hour. What is her gross pay for the week?
What is $430.
200
Explain the difference between gross pay and net pay?
What is . . . Gross pay is your pay before all of your required and optional deductions. Net pay is also known as "take-home" pay.
200
Joe makes $65,000 a year in his job as a restaurant manager. He doesn't have enough deductions to itemize. Which federal tax form should he fill out?
What is 1040A.
1040EZ - limited to $50,000 and you have no dependents or deductions
1040 - unlimited income; you itemize your deductions
200
Who has the power to levy federal taxes?
What is Congress.
300
The main purpose of this organization is to collect income taxes and enforce tax laws.
What is the IRS.
300
Retirement income paid by the federal government is called social security income. What is retirement income paid by an employer?
What is pension.
300
This category of employee is NOT eligible for overtime pay.
What is exempt.
300
What is the purpose of a W2?
What is it is a form which indicates your gross wages, income tax withheld etc. so that you an file your taxes.
300
Which of the following is not an example of a required deduction from your paycheck?
Federal tax, state tax, city tax, medicare, charitable donation, or social security.
What is charitable donation.
400
If I check "Yes" in this box on my federal tax return, it will not increase my taxes; however, $3 will be allocated to this special political fund.
What is Presidential Election Campaign Fund
400
An employee who is paid hourly and is required by law to be paid time and a half for overtime paid is what type of employee?
What is non exempt.
400
What is the name of the federal law which requires hourly workers to be paid overtime?
What is Fair Labor Standards Act.
400
What is the purpose of a W4?
What is it lets the employer know how many dependents an employee has so that the correct amt of money is withheld from the employee's paycheck for federal tax purposes.
400
Other than income tax, name one other source of revenue for the federal government.
Social security tax, unemployment insurance tax, inheritance and estate tax, excise tax, import duties.
500
You are a single parent and receive child support from your baby's daddy. What is the name of the money you receive that is NOT subject to federal income tax.
What is child support.
500
What is the most important function of a labor union?
What is collective bargaining.
500
What is Ohio's current minimum wage?
Ohio's minimum wage is $8.10. (The federal minimum wage is only $7.25.)
500
What is the purpose of an I-9 form?
What is it verifies the identity of an employee so that an employer can determine if he/she is eligible to work legally in the U.S.
500
Who is responsible for changing the sales tax rate?
Sales tax is determined by state and local governments. It is added to the cost of most items you purchase.