The pay period that will give you the most checks in a year is?
What is weekly pay
100
This paid gives you a set amount of money for each hour that you work.
What is hourly wage
100
This is known as the Wage and Tax Statement, and your employer must send it to you by January 31st
What is the W-2 form
100
The current rate is $7.25 per hour
What is the minimum wage
100
The amount of pay you receive before any deductions are taken off is known as
What is Gross Pay
200
What is the main advantage of getting paid bi-weekly rather than semi-monthly
You will receive 3 paychecks in 2 of the months during a year
200
This type of pay gives you a fixed amount of pay each pay period regardless of how many hours you work
What is Salary
200
This is the tax return that you can use if you have less than $100,000 of wages and Salary and less than $1,500 of interest income
What is form 1040EZ
200
Wages, Salaries, Tips, Dividends, and Interest are all examples of
What is income
200
The pay you receive after all deductions is known as ___________ or ______________ (must have both)
What is net pay or Take-Home-Pay
300
What is the main advantage of getting paid semi-monthly rather than bi-weekly?
each paycheck is larger
300
This type of pay gives you a percentage of the amount of sales you generate for your company
What is commission
300
This is the form that you receive from your bank, and it reports the amount of interest income you received
What is form 1099
300
These are skills that you have learned on 1 job and can apply to future jobs
What is transferable skills
300
FICA tax is made up of which 2 taxes?
What is social security and medicare tax
400
If you get paid bi-weekly and you receive 3 paychecks in March, how many will you receive in April?
2
400
This type of pay gives you a fixed dollar amount for every item you produce
What is piece rate
400
This is the form that you fill out when you get a job, and it requires you to claim the number of "allowances" which will be used to determine how much federal income tax will be deducted from your paycheck
What is the W-4 form
400
There is a column on your paystub that indicates how much of a certain item has been deducted from your paycheck so far this year, what is the name of that column?
What is YTD
400
What is the percentage that is taken off of your paycheck for social security tax and medicare tax? (you must give a percentage for each tax?
Social Security = 6.2%
Medicare = 1.45%
500
What is the most amount of paychecks you could receive in 1 month if you get paid weekly?
5
500
most of the income for waiters and waitresses are from ...
What are tips
500
If you make too much money, and you cannot use the 1040EZ tax return, then you must use this tax return form
What is the 1040
500
The amount of income that you can earn in 1 year without owing any federal income tax is ....
What is standard deduction
500
State the significance of the following dates:
January 31st
and
April 15th
January 31st=deadline to send employees their W-2 forms
April 15th=deadline for you to file your tax return (as long as that date does not fall on a Sunday)