Personal Finance Test #1

Front 1

Interest income is shown on the...

Back 1

W-4 forum

Front 2

If you had 3 jobs last year (all 'above the table' jobs), how many Form W-2s should you receive?

Back 2

3

Front 3

What type of pay pays you for the number of items you produce?

Back 3

Piece Work

Front 4

Any tax that is taken off your gross pay is called what?

Back 4

payroll tax (deduction)

Front 5

Salary workers don't...

Back 5

receive overtime pay

Front 6

If you pay too much in taxes for the year, what will you receive from the government?

Back 6

refund

Front 7

3 non-verbal characteristics you should display during a job interview?

Back 7

smiling

firm handshake

eye contact

Front 8

3 types of deductions

Back 8

meals

taxes

medicare

Front 9

gross pay will always be higher than?

Back 9

net pay

Front 10

how often you are paid

Back 10

pay period

Front 11

52 paychecks

Back 11

weekly

Front 12

26 paychecks

Back 12

bi-weekly

Front 13

13 paychecks

Back 13

monthly

Front 14

24 paychecks

Back 14

semi-monthly

Front 15

how you are paid

Back 15

types of pay

Front 16

pay based on number of hours worked

Back 16

hourly wage

Front 17

same amount every paycheck

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salary

Front 18

(sales jobs) paid based on number of items sold

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Commision

Front 19

(factory) paid based on number of items made

Back 19

piece work

Front 20

waiters

Back 20

tips

Front 21

pay before deductions

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gross pay

Front 22

pay after deductions

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Net pay / Take-home pay

Front 23

year to date

keeps overall total of earnings and deductions

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YTD

Front 24

any money you ear

job

investments (stocks)

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income

Front 25

lowest hourly rate permitted by law

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minimum wage

Front 26

only for hourly workers

more than 40 hours/week

Rate = 1.5

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overtime

Front 27

rely on another person financially

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dependent

Front 28

can be claimed on W-4 form

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allowance

Front 29

money paid to you by bank

found on a 1099 form

Back 29

interest income

Front 30

taxes due to IRS by

unless it's a Sunday

Back 30

April 15

Front 31

W-2 must be sent to you by employer by

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January 31

Front 32

items that reduce gross pay

retirement fun

union dues

taxes

Back 32

deduction

Front 33

employee's withholding allowance certificate

complete form when starting job

can claim allowance (don't have to)

Back 33

W-4 form

Front 34

wage and tax statement

shows total wages earned and Fed. taxes taken out

Back 34

W-2 form

Front 35

tax paid to work in US

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federal income tax

Front 36

(social security) federal, insurance, contributions act

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FICA tax

Front 37

any taxes deducted from gross pay

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payroll tax

Front 38

line 10 on 1040 EZ chart used to complete taxes

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tax table

Front 39

income tax return for single and joint filers with no dependents

can't earn more than $100,000 in income and $1,500 in interest

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1040 EZ form

Front 40

received when overpaying taxes

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tax refund

Front 41

$6,300 for 2016

amount that is not federally taxed

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standard deduction

Front 42

IRS requests copies of all your financial records

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audit

Front 43

line 6 on 1040 EZ

amount your taxes are calculated on ways to lower

dependents, donations, interest on home loan

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taxable income

Front 44

internal revenue service

check tax forms

performs audits

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IRS

Front 45

shows how much interest was earned

Back 45

1099

Front 46

skills you have that you could use at a variety of jobs

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transferable skills