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Are You Financially Literate? Chapter 5 Quiz
1. Which of the following is NOT a paycheck deduction? a. Federal Income Tax b. Social Security Tax c. employee’s 401K retirement plan contributions d. student loan payments 2. Fill in the blanks: All over America, April ____ is Tax Day when ________ tax returns must be filed with the _____. 3. List five common paycheck deductions and tax withholdings. _ ____________________________________________________________________ _ ____________________________________________________________________ 4. Ira is a young new employee with little experience paying taxes. He filed an Exemption from Withholding . How likely is it that he’ll get a tax refund this year? a. Highly likely b. Unlikely c. Highly unlikely d. None of the above 5. IRS Form 1040 is used to: a. file your federal income taxes b. list the total number of people in your family c. choose what tax bracket you want to belong to d. ask for an extension for filing your taxes 6. Employees pay ___ of each paycheck for the Medicare Tax which is deducted from their paycheck. a. 10% c. 1.45% b. 5 % d. 7% 7. Employers withhold a flat rate of ___% of employees’ paychecks for Social Security tax. a. 6.2 b. 10.5 c. 3 d. 15 PRODUCT PREVIEW
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Chapter 5 | Honey, They Shrunk My Paycheck
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