Title: QUIZ: "W" Is for Wages, W4 and W2 Module
Course: Andria FRE > Section: "W" Is for Wages, W4 and W2 (It's Your Paycheck, Lesson 2) Module

Q: Wages are
- found by multiplying an hourly pay rate by the number of hours worked.
- a payment people receive for providing natural resources in the market.
- an annual amount paid monthly or bimonthly for a specified number of hours worked.
- government fees on business and individual income, activities, products, or property.
A: found by multiplying an hourly pay rate by the number of hours worked.
If right: That is correct!
If wrong: That is incorrect. Wages are calculated by multiplying an hourly pay rate by the number of hours worked.

Q: A W-4 form is
- used by employers to determine the amount of income tax to withhold from employees' earnings.
- the form taxpayers must fill out if they paid more income tax than necessary and want a refund.
- a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return.
- a printed statement of the amount that an employee is paid.
A: used by employers to determine the amount of income tax to withhold from employees' earnings.
If right: That is correct!
If wrong: That is incorrect. A W-4 form is used by employers to determine the amount of income tax to withhold from employees' earnings.

Q: Gross pay is
- the amount earned over a lifetime.
- the amount earned before deductions or taxes are taken out.
- the amount received after deductions and taxes have been taken out.
- computed by multiplying the number of hours worked by the hourly rate of pay, then subtracting federal and state income taxes.
A: the amount earned before deductions or taxes are taken out.
If right: That is correct!
If wrong: That is incorrect. Gross pay is the amount earned before deductions or taxes are taken out.

Q: The FICA tax is used to fund
- highways, national parks, and national defense.
- state highways, state parks, state troopers, and public education.
- street lights, fire and police protection, and public education.
- Social Security and Medicare.
A: Social Security and Medicare.
If right: That is correct!
If wrong: That is incorrect. FICA is the Federal Insurance Contributions Act tax. It is used to fund Social Security and Medicare.

Q: Who pays FICA taxes?
- Employees
- Employers
- The government
- Employers and employees
A: Employers and employees
If right: That is correct!
If wrong: That is incorrect. Although employees pay part of FICA, employers also pay part of FICA.

Q: Income is
- found by multiplying an hourly pay rate by the number of hours worked.
- the payment people receive for providing human resources (labor) in the market.
- an annual amount paid monthly or bimonthly for a specified number of hours worked.
- government fees on business and individual income, activities, products, or property.
A: the payment people receive for providing human resources (labor) in the market.
If right: That is correct!
If wrong: That is incorrect. Income is the payment people receive for providing human resources (labor) in the market.

Q: Taxes are
- payments from the government to individuals who meet specific criteria for benefits.
- voluntary payments individuals, households, and businesses donate to local and state governments.
- money owed to the taxpayer when their total tax payments are greater than the total tax.
- government fees on business and individual income, activities, products, or property.
A: government fees on business and individual income, activities, products, or property.
If right: That is correct!
If wrong: That is incorrect. Taxes are government fees on business and individual income, activities, products, or property.

Q: A W-2 form is
- used by employers to determine the amount of income tax to withhold from employees' earnings.
- the form taxpayers must fill out if they paid more income tax than necessary and want a refund.
- a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return.
- a printed statement of the amount that an employee is paid.
A: a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return.
If right: That is correct!
If wrong: That is incorrect. A W-2 is a form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return.

Q: Net pay is
- the amount earned over a lifetime.
- the amount earned before deductions or taxes are taken out.
- the amount received after deductions and taxes have been taken out.
- computed by multiplying the number of hours worked by the hourly rate of pay, then subtracting federal and state income taxes.
A: the amount received after deductions and taxes have been taken out.
If right: That is correct!
If wrong: That is incorrect. Net pay is the amount received after deductions and taxes have been taken out.