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Financial literacy Test questions & answers graded A+

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Financial literacy Test questions & answers graded A+

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Financial literacy Test questions &
answers graded A+

W-4 - ANS ✔✔A federal tax form filled out by an employee to indicate the amount that should
be withheld from his/her paycheck for taxes.



W-2 - ANS ✔✔A statement of an individual's annual wages and taxes provided by an employer
that must be included with the employee's federal, state, and city income tax returns.



Unemployment insurance - ANS ✔✔payments to people who lost their jobs; previous
employers make the payments.



Workers compensation - ANS ✔✔A form of insurance paid by the employer providing cash
benefits to workers injured or disabled in the course of employment.



Allowance - ANS ✔✔a reserve fund created by a charge against profits in order to provide for
changes in the value of a company's assets



Social security tax - ANS ✔✔A federal tax paid for old-age, survivors, and disability insurance



Medicare tax - ANS ✔✔a federal tax paid for hospital insurance



Overtime pay - ANS ✔✔Required for nonexempt workers under FLSA at 1.5 times the regular
rate of pay for hours over 40 in a workweek

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