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Paychecks and Taxes (Grades 11-12)

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Paychecks and Taxes

Instructions: Fill in or circle the correct answer to each question.

1. 
Health and medical benefits are usually only offered to                time employees.
 
2. 
The lowest amount of money, allowed by law, to be paid to an employee is the                      wage.
3. 
Which of the following is not a type of pay?
  1. Holiday.
  2. Sick Pay.
  3. 401K
  4. Overtime.
 
4. 
Claiming dependents reduces the amount of:
  1. the 401K.
  2. health insurance premiums.
  3. taxable income.
  4. local taxes.
5. 
A deduction is money taken out of the paycheck for:
  1. insurance and state taxes.
  2. the retirement plan.
  3. employee benefits and taxes.
  4. overtime.
 
6. 
An independent, single person under the age of 65 does not have to file taxes if they make:
  1. under $600 a year.
  2. under $9,500 a year
  3. Over $50,000 a year
  4. Over $100,000 a year.
7. 
The total amount of money an employee earns before tax deductions is the:
  1. net pay.
  2. gross pay.
  3. overtime pay.
  4. balance.
 
8. 
Paychecks run, at the minimum:
  1. a month behind.
  2. two weeks behind.
  3. one week behind.
  4. 5 days behind.
9. 
The amount of money an employee receives after deductions is called the take home pay, or:
  1. year to date pay.
  2. gross pay.
  3. taxable income.
  4. net pay.
 
10. 
Which U.S. tax form, issued by the employer, reports an employee's annual wage and the amount of taxes withheld for the year?
  1. Form 8863
  2. 1099
  3. Form 1040
  4. W-2
11. 
Which taxes are mandated by the U.S. Government?
  1. State and Federal
  2. State and Local
  3. Federal and Legislative
  4. Federal and Local
 
12. 
This form allows an employee to decide how much pay to have withheld from each check to pay taxes.
  1. W-4
  2. W-2
  3. 1099
  4. 2014
13. 
A live-in 60 year old uncle, who makes $4,000 a year, cannot be a dependent:
  1. because he gets Medicaid.
  2. because he's older than you.
  3. because he is not immediate family.
  4. because he makes more than $3,900.
 
14. 
The age one can be considered "fully retired" depends on:
  1. how many years they worked full time.
  2. their lifetime income.
  3. their health.
  4. their birth year.
15. 
A retirement savings plan sponsored by the employer is a:
  1. stock.
  2. bond.
  3. RSP.
  4. 401K.
 
16. 
F.I.C.A. (Federal Insurance Contributions Act) tax includes:
  1. social security and medicare.
  2. medicare and 401K
  3. social security and life insurance.
  4. medical and dental insurance.
17. 
Employees can change their payroll exemptions on the W-4 as many times as they as want during the year.
  1. True
  2. False
 
18. 
If you discover an error in your paycheck, it is customary to wait until the next paycheck to see if it is corrected, before talking to your employer.
  1. True
  2. False
19. 
If an employee works 10 hours on Monday and 10 hours on Tuesday, then uses vacation hours for Wednesday through Friday, this equals 44 hours of work and always qualifies for overtime.
  1. True
  2. False
 
20. 
Taxes are only taken from 12 paychecks per year.
  1. True
  2. False
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