Testy Test Questions
A required payment for the support of a government
Tax
This is an item with an economic value, such as stock, car, or real estate.
Rich dad said, "this is something I buy that makes me money.
Asset
This is your pay before taxes and deductions?
Gross Pay
A plan that allows for employees to receive a share of the profits the company earned at the end of the year.
Profit Sharing
This tax form is given to you every time you get a job. On this form you decide how much taxes from each paycheck you want to deduct.
W-4
Which of the items listed is a required deduction from a worker's paycheck?
-Federal income tax
-a 401k retirement plan
-gym membership
Federal Income Tax
Cost of the next best use of your money or time when you choose to buy or do one thing rather than another. Aka: “a trade off”
Opportunity Costs
This is your pay after taxes and deductions.
Net Pay
Days a worker is paid for working, but does not actually work, such as Memorial Day or Veterans Day
Paid Holidays
or Holiday Pay
This form is given to you every January, it is filled out by your employer and tells you how much you made and how much you paid in taxes.
W-4
This is a form of pay for a job other than salary or a wage. Ex: Paid vacation.
Benefit
If I make $15 an hour what is my overtime pay rate per hour?
$22.50 an hour
Overtime is always your time plus half. (x 1.5)
15x1.5=22.5
This is the money you have left over after taxes and bills have been paid.
Disposable Income
or I will also accept Discretionary Income...
When you have built in paid days for when you have a personal issue. Ex. A funeral
Personal Day or Personal Leave
This form proves you are legal to work in the United States and you have to fill it out each time you get a new job.
I-9
Justin makes an hourly salary of $20 for 40 regular hours of work. For each hour worked over 40 hours, he is paid at a rate of $30 per hour. Last week Justin worked 45 hours.
What is Justin's Gross Pay?
$950
This is the amount left after all costs are deducted from the income of a business.
Profit
Alejandro makes $125k a year in salary and gets an 8% raise. How much will he make next year?
135K a year
A benefit often received by full-time workers is? (name any benefit from our notes)
Multiple answers accepted. Mr. Cross will decide.
I am received in January too, You get me if you are not an employee but were paid by a company for tax purposes.
1099
Maria gets paid $1555.00 a week. Her Federal Income tax deducts 11% from her weekly pay check.
How much money is deducted from her check to pay the Fed?
$171.05
Days for which a worker is paid even though he or she did not work due to illness
Sick Pay or Sick Leave
Joe makes an hourly salary of $8.10 for 40 regular hours of work. For each hour worked over 40 hours, he is paid at a rate of $12.15 per hour. Last week Joe worked 45 hours. He has withholdings of social security tax (6.2%), medicare tax (1.45%), federal tax ($61.12), state tax ($21.03), city tax ($6.01), pension ($4.12), disability insurance ($1.31), medical insurance ($13.05), and dental insurance ($5.46).
What is Joe's gross pay for this period?
$384.75
This benefit is a non-paid absence for a certain amount of time that will still allow the employee to retain their job when they come back
Leave of absence
Sarah makes an hourly salary of $28 for 40 regular hours of work. For each hour worked over 40 hours, she is paid at a rate of $42 per hour. Last week Sarah worked 48 hours. He has withholdings of social security tax (6.2%), medicare tax (1.45%), federal tax ($61.12), state tax ($21.03), city tax ($6.01), pension ($4.12), disability insurance ($1.31), medical insurance ($13.05), and dental insurance ($5.46).
What is Sarah's Medicare Tax withholding?
$21.11