• 1. 
    Pays medical and disability benefits to employees injured on the job

  • unearned income
  • earned income
  • workers compensation
  • Medicare
  • 2. 
    Social security is the tax that pays for medical insurance for older adults.

  • True
  • False
  • 3. 
    Withheld from an employee’s wages or salary

  • disposable income
  • payroll taxes
  • workers compensation
  • earned income
  • 4. 
    Employees who are paid semi-monthly receive 26 paychecks per year.

  • True
  • False
  • 5. 
    Pay based on number of hours worked

  • salary
  • wages
  • earned income
  • unearned income
  • 6. 
    What are the four most common taxes that come out of a person’s payroll check?

  • Federal Income Tax
  • State Income Tax
  • Medicare Tax
  • All Of above
  • 7. 
    Overtime is calculated at 1.5 times an employee's regular rate of pay.

  • True
  • False
  • 8. 
    Tax deductions are calculated as a percentage of net pay.

  • True
  • False
  • 9. 
    In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4?

  • yourself
  • your spouse
  • your children
  • All Of above
  • 10. 
    Federal law requires employers to pay a minimum wage.

  • True
  • False
  • 11. 
    Employees who are paid biweekly are paid twice a week.

  • True
  • False
  • 12. 
    Wages, salary and tips

  • unearned income
  • earned income
  • disposable income
  • 13. 
    Income that has not been worked for such as interest, dividends, or gambling winnings

  • disposable income
  • unearned income
  • earned income
  • workers compensation
  • 14. 
    Which form is used to report an employees earnings and taxes paid in a year?

  • W-2
  • W-4
  • I-9
  • 1040
  • 15. 
    Single, Married Filing Joint, and Head of the Household are all examples of___ on a tax return.

  • filing status
  • standard deductions
  • itemized deductions
  • dependents
  • 16. 
    By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

  • January 1
  • January 31
  • April 1
  • April 15
  • 17. 
    Fixed rate of pay for week, month, or year

  • wages
  • commission
  • tips
  • salary
  • 18. 
    What government department collects personal income tax?

  • Federal Government
  • IRS
  • Social Security Division
  • Congress
  • 19. 
    What is the deadline for filing personal income tax?

  • January 31
  • April 15
  • May 31
  • June 15
  • 20. 
    Unearned income is reported on your tax form and taxes must be paid on them.

  • True
  • False
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