workshopsix — The Finance Learning Center

Main Mission Page

Operation: Decode Your PaycheckYou earned the money—but where did the rest of it go? Your next mission takes you inside your paycheck to uncover gross pay, net pay, deductions, withholding, and the taxes that affect what actually reaches your bank account.

Mission Objective:Learn how income is calculated and understand exactly what your paycheck is telling you.

💼 Mission: Income, Paychecks & Taxes

Watch at least 95% of the workshop video to unlock the quiz. You must score 70% or higher to continue.

Video Progress: 0%

📘 Lesson: Income, Paychecks & Taxes

Gross vs net, reading paystubs (taxes, FICA, deductions), W-4/W-2/1099, common overtime rules, and smart withholding choices to avoid surprises.

Quiz Locked — Watch at least 95% of the video to continue.

🎯 Quiz

1) Gross pay is…

After deductions Before deductions Overtime only

2) Net pay is…

Take-home after deductions Total before deductions Employer contributions

3) Which form controls withholding?

W-2 W-4 1099

4) FICA funds…

Social Security & Medicare State unemployment Sales taxes

5) Which is true?

W-2 workers have taxes withheld 1099 workers have taxes withheld automatically No wages are taxable

6) Overtime is typically…

1.5× after 40 hrs/week for many jobs Same as regular Double after 20 hrs

7) A pre-tax deduction?

401(k) contribution Streaming subscription Credit card payment

8) Decrease W-4 withholding →

Less withheld now; might owe later More withheld now; bigger checks No change

9) Side-gig income is…

Usually taxable; may need estimated payments Always tax-free Only taxable if paid by check

10) Biweekly pay means…

Twice a month (~24) Every two weeks (~26) Once a week (52)

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