Unit 1 Review - PFL

Money you receive after taxes is called:

• gross income

• net pay

• salary

• pay day

Money you receive before taxes is called:

• gross income
• net income
• pay day
• bank loan

Amounts of money subtracted from an employee's total pay.

• Deductions

• Exemption

• Form W-2

• Form W-4

A form that tells the employer how much tax to withhold from an employee's paycheck.

• Deductions

• Exemption

• Form W-2

• Form W-4

A form that states the amount the employee was paid in the previous year.

• Deductions

• Exemption

• Form W-2

• Form W-4

Take-home pay.

• Deductions

• Exemption

• Net Pay

• Gross Pay

What does FAFSA represent?

• Gives projections for jobs in the future

• Free Application for Federal Student Aid

• a form used to get accepted into a Trade School

• Free and functional student assistance

True or False: You have to pay back scholarship and grant money.

• True

• False

How many hours must employees work in a week before overtime kicks in?

• 35

• 41

• 40

• 50

What form do workers complete so an employer can verify that they are eligible for employment?

• W-2

• W-4

• I-9

• 401 k