Jobs and Taxes Test

Front

What is a W-2 form?

Back

A W-2 form is a tax form that employers must send to their employees and the IRS at the end of the year. It reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Front

What are federal and FICA taxes?

Back

Federal taxes are taxes imposed by the federal government on income, while FICA taxes are payroll taxes that fund Social Security and Medicare.

Front

How do you calculate double-time pay?

Back

Double-time pay is calculated by multiplying the normal hourly wage by 2 for every hour worked under special circumstances.

Front

What is the due date for filing a tax return?

Back

The due date for filing a tax return is April 15.

Front

How do you calculate overtime pay at time and a half?

Back

To calculate overtime pay at time and a half, multiply the normal hourly wage by 1.5.

Front

What does FICA stand for?

Back

FICA stands for the Federal Insurance Contributions Act, which includes Social Security and Medicare taxes.

Front

What are the components of FICA taxes?

Back

FICA taxes are made up of Social Security Tax and Medicare Tax.

Front

What is the significance of the W-2 form for employees?

Back

The W-2 form is significant for employees as it provides essential information for filing their income tax returns.

Front

What is the difference between regular pay and overtime pay?

Back

Regular pay is the standard hourly wage, while overtime pay is a higher rate paid for hours worked beyond the standard workweek.

Front

What is the formula for calculating total taxes paid?

Back

Total taxes paid = Federal taxes + FICA taxes.