Skip to content

FKFinLit KitsFree kits · Nonprofit

Home
Goal
Modules
Common Cents
For Librarians
About Us
Resources

Modules Life on your first paycheckPractice

Lesson 01 · Practice

Practice: Life on your first paycheck

6 questions on what you just watched. 4 right is a pass, nothing is timed, and your best score is kept in this browser only.

6 questionsUntimedBest score saved

Practice

6 questions. 4 right is a pass, and your best score is kept in this browser.

1. You take a job at $20 an hour, 40 hours a week. Your first deposit is about $640. Why?Your employer keeps the difference for the first monthThe bank holds a percentage of every first deposit$20 an hour only starts after 90 daysPayroll taxes and any benefits you chose are withheld before it reaches you

2. Which of these lowers the tax you owe this year?Paying your phone bill on timeA Roth IRA contributionA traditional 401(k) contributionA transfer to your savings account

3. What should happen on payday?Move everything to savings and borrow back as neededCover fixed costs, then move a set amount to savings before spending anythingWait to see what is left at the end of the monthSpend first, then save the remainder

4. Your employer matches 50% of contributions up to 6% of pay. Skipping the match means…You are turning down part of your payNothing, because the match is taxed twiceYou keep more take-home pay foreverThe match is only available to managers

5. Your pay stub shows $1,240 gross and $1,031 net. The $209 gap is…Taxes withheld plus the deductions you choseYour employer's fee for direct depositMoney the bank is holding for a few daysA payroll error you should dispute

6. You want more take-home pay this month. Which change actually does that?Choosing a different bank for depositHaving your hours cutClaiming fewer allowances on your W-4 so less is withheldAsking your employer to skip Social Security

Back to the video

← Back to the video Next: Spot the financial scam →

In this lesson

Video
Notes
Practice

Your progress

Status: Not started

Saved in this browser only. No account, nothing sent anywhere.

FKFinLit KitsFree kits · Nonprofit

Free financial literacy kits for anyone who asks. A registered 501(c)(3) since 2026. We don't sell anything, and we don't pass your address to anyone.

Educational content only — not financial, tax, legal, or investment advice.

Pages

Home
Goal
Modules
Common Cents
Money Life
Coin Quest
For Librarians
About Us
Resources

Contact

hello@finlitkits.org
(937) 555-0148
412 E. Third St.
Dayton, OH 45402
Instagram · LinkedIn

© 2026 FinLit Kits · EIN 00-0000000 (placeholder)

Set in Newsreader and Karla. Printed matter, obviously.