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

Quiz
•
Mathematics
•
9th - 12th Grade
•
Medium
Kyle Brown
Used 7+ times
FREE Resource
23 questions
Show all answers
1.
MATCH QUESTION
3 mins • 5 pts
Net Pay
A form of payment to employees for their work, usually handled by someone who works in payroll
Gross Pay
The amount of money a worker takes home after taxes
Cafeteria Plan
A portion of pretax wages set aside for the payment of certain medical, childcare, parental care, and unreimbursed medical insurance expenses
Paycheck
The total pay (hourly rate and any overtime) an employee receives before taxes are taken into consideration
Flexible Spending Account (FSA)
An employee-sponsored cafeteria plan in which employees choose to deposit funds that will be used in a specified 12-month period of time; this is a "use it or lose it" plan
2.
MATCH QUESTION
3 mins • 5 pts
Match the following
Tax-Deferred Contribution
A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from an employee's paycheck
Form W-4
A form sent to taxpayers that is used to report other income made from interest on bank accounts, interest from stocks, etc.
Form W-2
Federal, state, and local income taxes that are withheld by employers, who then send the money to the government
Form 1099
When money is placed in a qualified retirement account, the taxes are delayed until the taxpayer makes a withdrawal from the account after retirement
Withholding Tax
A form used to report income and tax data; this is used to compute federal, state, and local income taxes
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
[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
4.
MULTIPLE SELECT QUESTION
2 mins • 2 pts
[Ch. 6.3 Notes, Question #3] Aside from local, state, and federal taxes, list the two items outlined in your textbook that your withholding taxes help pay for when taking money out of your paycheck:
Military
Social Security
Education
Medicare
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
[Ch. 6.3 Notes, Question #4] When working at a job, who fills out Form W-2?
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, then Mr. Yancey.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
[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
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
[Ch. 6.3 Notes, Question #8] Approximately what (%) of your paycheck is taken out to help pay for Social Security?
Approx. 1%
Approx. 3%
Approx. 6%
Approx. 15%
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