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Assessment 1: Income

A graphic depicting diverse individuals discussing finances in a modern office environment, with tax documents and laptops present.

Understanding Income and Taxes Quiz

Test your knowledge about income, taxes, and career planning with our engaging quiz. Answer a range of questions designed to help you understand the financial aspects of adulthood.

This quiz includes:

Multiple choice questions on taxes and social security
Text-based questions to calculate income
Real-life scenarios to apply your knowledge

15 Questions4 MinutesCreated by LearningMoney101

. Your abilities include:

The things you do well

Your mental competence

The skill you need to do something

All of the above

Career Planning is done

After high school

In college

Throughout a lifetime

Once in a liftetime

Who pay taxes?

Most people who have a job

Most people who purchase items

Most people who own property

All of the above

What are the three main types of taxes?

Income, sales, and property

Unemployment, sales, and property

Federal income, unemployment, and state

Sales, property, and unemployment

Email:

What is Social Security?

A private insurance system just for the elderly

A free insurance system

The amount of money someone has

None of the above

The purpose of taxes is to

Improve roads

Support government

Pay retirement benefits

All of the above

Who pays into Social Security?

Employees

Self-employed

Employers

All of the above

Federal, Social Security, and Medicare are all types of taxes

True

False

The total amount of earnings made over a one-year-period after all deductions have been taken is known as

Gross annual income

Gross monthly income

Net annual income

Net monthly income

The total amount of earnings made over a month, before any deductions, is known as

Gross annual income

Gross monthly income

Net annual income

Net monthly income

Tina will be working as a lifeguard this summer. She will earn $1,000 per month (a total of $3000 for the whole summer). Tina does not plan to work any other jobs this year. What is Tina's gross annual income?

Tina's deductions are listed below. What is her total paycheck deductions for the three months. $255.90 federal income tax (summer total) $114.00 state income tax (summer total) $186.00 Social Security, or FICA (summer total) $43.50 Medicare tax (summer total)

What is Tina's gross monthly income for each of the summer months?

What is Tina's net monthly income for each of the summer months?

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