Quiz about Net Pay/Federal Income Tax

Question 1

Net pay is ...

Accepted Answer

income after deductions

Answer

income before deductions

Answer

income you take home

Answer

income with holdings

Question 2

What does FICA stands for?

Accepted Answer

Federal Insurance Contributions Act

Answer

For Insurance Contributing Animals

Answer

Formal Initiative Costing Association

Answer

None of the above

Question 3

What is the employer name?

Accepted Answer

John S. Ltd

Answer

John Smith

Answer

John

Answer

John Ltd.

Question 4

What is the length of the pay period?

Accepted Answer

one week

Answer

two weeks

Answer

a month

Answer

three weeks

Question 5

Taxes are deducted from all employees paychecks

Accepted Answer

true

Answer

false

Question 6

On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.

Accepted Answer

Net Pay

Answer

Gross Pay

Answer

Total Pay

Answer

Grand Pay

Question 7

Money paid to the government

Accepted Answer

Taxes

Answer

Paystub

Answer

Current

Answer

Net Pay

Question 8

Money taken out of a paycheck to cover expenses including taxes and health insurance

Accepted Answer

Deductions

Answer

Taxes

Answer

Paystub

Answer

Net Pay

Question 9

How many hours were worked this pay period?

Accepted Answer

80

Answer

28

Answer

40

Answer

50

Question 10

What is the gross amount for the year?

Accepted Answer

22,400

Answer

6,590.59

Answer

15,809.41

Answer

2,240

Question 11

Allows taxpayer to make certain deductions from taxable income, which determines how much federal & state taxes are deducted from a paycheck

Accepted Answer

exemptions

Answer

federal taxes

Answer

social security

Answer

medicare

Question 12

The Federal Reserve is a United States government agency that is responsible for the collection and enforcement of taxes.

Accepted Answer

False

Answer

True

Question 13

The amount of money a person makes before taxes are deducted:

Accepted Answer

gross pay

Answer

net pay

Question 14

Our income tax and FICA is spent on all of the following EXCEPT:

Accepted Answer

Private School Education

Answer

Social Security

Answer

The Military

Answer

National Parks

Question 15

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

Accepted Answer

true

Answer

false

Question 16

When you start a job, you will fill out which form to tell your employer the amount of money to withhold for taxes:

Accepted Answer

W-4

Answer

I-9

Answer

W-2

Answer

1040ez

Question 17

Helps provide retirement income for the elderly and pays disability benefits

Accepted Answer

social security

Answer

medicare

Answer

state income tax

Answer

federal income tax

Question 18

Payroll and _________ are taxes that are deducted from a person's paycheck.

Accepted Answer

income

Answer

property

Answer

sales

Answer

estate

Question 19

The agency that enforces tax laws and collects taxes.

Accepted Answer

IRS

Answer

FICA

Answer

FDA

Answer

TSA

Question 20

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

Accepted Answer

A. Restaurant tax

Answer

B. Federal income tax

Answer

C. FICA

Answer

D. Contributions to retirement savings

Question 21

How is net pay calculated?

Accepted Answer

By subtracting all the deductions from the gross pay.

Answer

By adding all the deductions to the gross pay.

Answer

By multiplying the gross pay with a random number.

Answer

By dividing the gross pay by the number of deductions.

Question 22

Gross income minus deductions equal your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

Accepted Answer

$262

Answer

$506

Answer

$406

Answer

$266

Question 23

Dayanara's gross income was $550.  What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

Accepted Answer

$417.50

Answer

$132.50

Answer

$440.00

Answer

$638.50

Question 24

Yvonne's gross income: $703
Yvonne's deductions: $251.18
Yvonne's net income: ?

Accepted Answer

$451.82

Answer

$551.82

Answer

$954.18

Answer

$25,812.00

Question 25

This money is required by law to be withheld from your paycheck and is managed by the IRS (Internal Revenue Service).

Accepted Answer

Federal Income Tax

Answer

Personal Excemptions

Answer

Social Security

Answer

Group Health Insurance

Question 26

True or False: Personal Exemptions/Withholdings help you pay less taxes.

Accepted Answer

True

Answer

False

Question 27

Which term describes the amount of money on which a person must pay taxes?

Accepted Answer

taxable income

Answer

withholding

Answer

net income

Answer

pension

Question 28

Samantha Hewitt is a nutritionist. Her weekly salary is $420. Of that amount she pays 6.2% for Social Security Tax, 1.45% to Medicare tax, She pays $10.23 for health coverage and donates $5 to charity. What is her net pay?

Accepted Answer

$372.62

Answer

$420

Answer

$387.87

Answer

$404.77

Question 29

What are your total deductions, if you deductions are as follows: Federal Tax $154.53, Social Security $56.74, Medicare $14.15, and health insurance premiums $48?

Accepted Answer

$273.42

Answer

$236.47

Answer

$198.47

Answer

$190.80

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