WISE FINAL STUDY GUIDE 2026 SOLVED QUESTIONS FULLY CORRECT

WISE FINAL STUDY GUIDE 2026 SOLVED
QUESTIONS FULLY CORRECT

⫸ Employer Answer: The boss.


⫸ Employee Answer: Works for the boss.


⫸ Income Answer: Money you get from your job. Pay, salary.


⫸ Rental income Answer: Money that you make if someone pays to live
in a house that belongs to you.


⫸ Earnings Answer: Money you get from your job. Pay, salary.


⫸ Wages Answer: Money you get from your job. Pay, salary.


⫸ Paycheck Answer: A check you receive from your job to pay you for
your work.


⫸ Pay stub or earning statement Answer: A piece of paper from your
job that says how much money you made and all of the taxes and
deductions that were taken out.

, ⫸ Gross wages Answer: The money you would have received from
your job before taxes and deductions.


⫸ Net pay Answer: The amount of money you receive on your
paycheck after taxes and deduction are taken out. This is your take home
pay.


⫸ Tax Answer: Money that is taken by the government.


⫸ IRS (Internal Revenue Service) Answer: The government group that
takes taxes and gives tax refunds.


⫸ Social Security (FICA) Answer: This money is taken from you your
whole life and paid back to you when you retire. A mandatory income
tax.


⫸ Federal taxes Answer: These taxes are for the national (United States)
government. A mandatory income tax.


⫸ State taxes Answer: These taxes are for the state (Virginia)
government. A mandatory income tax.


⫸ Local taxes Answer: These taxes are for the local (Chesterfield
County) government. A mandatory income tax.