CFL FINAL FINANCE QUESTIONS AND
ANSWERS WITH VERIFID SOLUTIONS
100% CORRECT RATED A+
what is A W-4 Form - ANSWER✔✔A form completed by an employee to indicate
his or her tax situation (exemptions, marital status, etc.) to the employer, who then
withholds the corresponding amount of taxes from each paycheck
how are deductions affected by a w-4 form - ANSWER✔✔the information put on
the form can give you discounts or lower tax rates
Payroll Equation - ANSWER✔✔(hours X weeks) X hourly pay = gross wage {per
week}
how do you get paid, and what are the different ways? - ANSWER✔✔either
payroll card, check, direct deposit
what are the payroll periods - ANSWER✔✔weekly, bi-weekly, monthly, semi-
monthly
What is tax liability? - ANSWER✔✔the total amount of taxes owed
what is the difference between medicare and social security -
ANSWER✔✔medicare is for everyone that applies health, its like health insurance
for the US. social security is for old people, and its a stream of money they get for
being old.
ANSWERS WITH VERIFID SOLUTIONS
100% CORRECT RATED A+
what is A W-4 Form - ANSWER✔✔A form completed by an employee to indicate
his or her tax situation (exemptions, marital status, etc.) to the employer, who then
withholds the corresponding amount of taxes from each paycheck
how are deductions affected by a w-4 form - ANSWER✔✔the information put on
the form can give you discounts or lower tax rates
Payroll Equation - ANSWER✔✔(hours X weeks) X hourly pay = gross wage {per
week}
how do you get paid, and what are the different ways? - ANSWER✔✔either
payroll card, check, direct deposit
what are the payroll periods - ANSWER✔✔weekly, bi-weekly, monthly, semi-
monthly
What is tax liability? - ANSWER✔✔the total amount of taxes owed
what is the difference between medicare and social security -
ANSWER✔✔medicare is for everyone that applies health, its like health insurance
for the US. social security is for old people, and its a stream of money they get for
being old.
