QUIZ: Ch. 6.3 - 6.4 (Math for Finance)

Match the following

• Net Pay

• A form of payment to employees for their work, usually handled by someone who works in payroll

• Flexible Spending Account (FSA)

• The total pay (hourly rate and any overtime) an employee receives before taxes are taken into consideration

• Cafeteria Plan

• This is an item inside the Cafeteria Plan, which allows employees to deposit funds that will be used to pay for health insurance or dependent care. Often referred to as a "use it or lose it" plan.

• Paycheck

• The amount of money a worker takes home after taxes

• Gross Pay

• A program that allows employees to select from a "menu" of qualified benefits, such as health insurance or dependent care, using pre-tax income

Match the following

• Withholding Tax

• A form that is filled out by YOU, the new employee, and tells your job how much money should be withheld on your paycheck in order to pay your share of federal taxes

• Form W-2

• When money is placed in a qualified retirement account, the taxes are delayed until the taxpayer makes a withdrawal from the account after retirement

• Form 1099

• A form used to report income and tax data; this is used to help you calculate how much federal, state, and /or local income taxes are owed

• Form W-4

• A form sent to taxpayers that is used to report other income made, such as interest on bank accounts, interest from stocks, etc.

• Tax-Deferred Contribution

• Federal, state, and local income taxes that are withheld by employers, who then send the money to the government

Tags

CCSS.7.NS.A.1D

[Ch. 6.3 Notes, Question #1] What form do you fill out so your job knows how much money to take out of your paycheck, to help pay for taxes?

• Form W-2

• Form W-4

• Form 1099

• Form W-420

Tags

CCSS.6.EE.B.6

[Ch. 6.3 Notes, Question #3] When you go to work and earn money from your job, they intentionally withhold some of your paycheck to pay for a handful of taxes. Those taxes are:

1) Federal Income Tax (FIT)
2) ______ ________ &
3) ________
​ (a)  

[Ch. 6.3 Notes, Question #4] When working at a job, who fills out and completes the W-2 Form for tax purposes?

• You

• Your employer (aka, your job)

• Your Mom

• Your boyfriend / girlfriend. But if you don't have one, then you borrow your best friend's boyfriend / girlfriend. And if they don't have one either, then Mr. Yancey.

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

[Ch. 6.3 Notes, Question #7] What is the maximum amount of money you could be penalized for committing tax evasion as an individual?

• $50,000

• $120,000

• $250,000

• $1,500,000

[Ch. 6.3 Notes, Question #8] What (%) of your paycheck is taken out to help pay for Social Security?

• 1.45%

• 3.20%

• 6.20%

• 15.45%

Tags

CCSS.6.RP.A.3C

[Ch. 6.3 Notes, Question #8] What (%) of your paycheck is taken out to help pay for Medicare?

• 1.45%

• 3.20%

• 6.20%

• 15.45%

Tags

CCSS.6.RP.A.3C

You're an employee at Culver's and earn $14.50 per hour. For any amount of time you work over 40 hours, you earn 1.5x per hour.

Your manager says they need you to work 50 hours this week. They also throw in a little bonus for you: Post a picture of a satisfied customer at Culver's on your social media account and they'll reward you with a one-time bonus of $25.

You work the 50 hours and are able to snap this gem of a picture. Your boss loves it!! So in the end, what will your total gross pay be for this week, including the $25 bonus?

(a)  

Tags

CCSS.8.EE.C.7B

You work at Firehouse and earn $14.00 per hour. Your manager says they need you to work 40 hours this week, to which you say, "My Pleasure." And then your manager says, "What is this, Chick-Fil-A!? You say WITH Pleasure!"

You receive your paycheck at the end of the week and notice some money has been withheld to help pay for Medicare. What is the total amount deducted off your 1-week paycheck for Medicare? (*Assume 1.45% is taken out for Medicare)

(a)  

Tags

CCSS.6.RP.A.3C