Paychecks and Taxes Unit Test Bank
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1 Paychecks and Taxes Unit Test Bank Total Points Earned 13 Total Points Possible Percentage Directions: Circle the correct answer for each question. Name Date Class 1. The most secure method for an employer to pay employees is to use: a. direct deposit b. payroll card c. printed paycheck d. in-store credit 2. A pay period can be defined as a: a. monthly schedule of work responsibilities b. schedule by which employers pay their employees c. day that the pay check is delivered d. length of working time that is actually taxed 3. The government uses money collected from taxes to: a. finance the Internal Revenue Service b. encourage private enterprise c. establish food networks d. provide goods and services for the public 4. What is an employee required to complete when they begin a new job? a. Form W-2 b. Social Security form c. Form W-4 d. All of the above 5. What form is used to verify an employee s eligibility? a. Form W-2 b. Form W-4 c. Form I-9 d. Medicare form 6. What form should an employer mail or make available by January 31 for employees to complete their annual tax paperwork? a. Form W-2 for the previous year b. Form W-4 for the current year c. Form I-9 for the previous year d. Medicare form for the current year Family Economics & Financial Education Revised May 2010 Paychecks and Taxes Unit Test Bank Page 1
2 7. Net income can be defined as the: a. total amount of money earned before deductions are taken out b. length of time for which an employee s wages are calculated c. actual amount of money received in the paycheck d. total amount of deductions withheld from the paycheck 8. Two taxes that are included within the Federal Insurance Contribution Act (FICA) are: a. Federal and state income taxes b. Social Security and Medicare c. Social Security and 401K\ d. National health insurance and Employment tax 9. What does Medicare fund? a. The medical plan an employee receives from his/her employer b. The nation s retirement program for the elderly c. The nation s health care program for the elderly and disabled d. Government agencies in each state which provide public assistance 10. A dependent is a person who: a. relies on the taxpayer for financial support b. relies on the government for their Social Security benefit check c. pays the taxes for all the members of the family d. depends on their job for needed financial support to pay their expenses 11. A disadvantage of payroll cards is: a. lack of protection if the card is lost or stolen b. ability to connect multiple cards to a single account c. numerous fees that can be charged for using the payroll card d. requirements to have a bank account in order to use the payroll card 12. The government agency responsible for collecting federal taxes is the: a. United States Congress b. Social Security Office c. Internal Revenue Service d. The Justice System Use the following scenario for questions 13 and 14. Bob is working for a bank. He earns $8.00 an hour, works 40 hours a week, and gets paid every 2 weeks. He pays $63.08 into federal withholdings, $33.21 into state withholdings, and $42.05 into FICA. 13. What is Bob s gross pay on his paycheck? a. $ b. $ c. $ d. $ Family Economics & Financial Education Revised May 2010 Paychecks and Taxes Unit Test Bank Page 2
3 14. What is Bob s net pay on his paycheck? a. $ b. $ c. $ d. $640.0 Family Economics & Financial Education Revised May 2010 Paychecks and Taxes Unit Test Bank Page 3
4
5 C1 Answer Key Paychecks and Taxes Test Bank C1: 1. a 2. b 3. d 4. c 5. c 6. a 7. c 8. b 9. c 10. a 11. a 12. c 13. d 14. a Answer Key Family Economics & Financial Education Revised May 2010 Paychecks and Taxes Unit Test Bank Answer Key Page 1
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