If an individual makes $4,000 in salary per month and has a side job making $20 per hour for 10 hours a week for 4 weeks in a month, and they receive $1,000 per month in rent from a roommate, what is their gross income?(1 point)
Responses
$4,000
$4,000
$4,800
$4,800
$5,800
$5,800
Cannot be determined, because taxes and deductions are not provided
The individual makes $4,000 in salary per month.
From the side job, they make $20 per hour for 10 hours a week for 4 weeks, which is a total of 10 * 4 = 40 hours.
Therefore, they make $20 * 40 = $<<20*40=800>>800 from the side job.
They also receive $1,000 per month in rent from a roommate.
To calculate their gross income, we add their salary, side job income, and rent income:
$4,000 + $800 + $1,000 = $5,800
Therefore, their gross income is $5,800.
What is a true statement about a 401k deduction?(1 point)
Responses
It is a contribution to the workers retirement account
It is a contribution to the workers retirement account
It is subtracted from the gross income resulting in lower taxes
It is subtracted from the gross income resulting in lower taxes
It is a mandatory deduction
It is a mandatory deduction
It is an involuntary deduction
It is an involuntary deduction
A and B
A and B
What is defined as a “take-home pay”?(1 point)
Responses
Paystub
Paystub
Net income
Net income
Salary
Salary
Wages
Net income
Which is true of a flexible spending account but not a health savings account?(1 point)
Responses
If you change jobs, you keep the account and all the money in it.
If you change jobs, you keep the account and all the money in it.
You can use it to pay for doctor visits.
You can use it to pay for doctor visits.
You can get one only if you have a health insurance plan with a high deductible.
You can get one only if you have a health insurance plan with a high deductible.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
If you don’t spend it within a certain period of time, part or all of it reverts to your employer.
Which is true of a health savings account but not a flexible spending account?(1 point)
Responses
You can use it to pay for prescription medicines.
You can use it to pay for prescription medicines.
You can use it to pay for over-the-counter medicines.
You can use it to pay for over-the-counter medicines.
You must spend the money in it within a certain period of time.
You must spend the money in it within a certain period of time.
You can get the account only if you have a health insurance plan with a high deductible.
You can get the account only if you have a health insurance plan with a high deductible.
Which of the following is true of Social Security but not Medicare?(1 point)
Responses
Money withheld from your paycheck is used to pay benefits to people who are collecting them now.
Money withheld from your paycheck is used to pay benefits to people who are collecting them now.
Participation in the program is mandatory.
Participation in the program is mandatory.
It provides benefits to people with disabilities.
It provides benefits to people with disabilities.
It pays benefits to retirees.