3.6 Apps 1 state/federal/FICA deduction/commission

Front

What is the formula to calculate monthly salary from annual salary?

Back

Monthly Salary = Annual Salary / 12

Front

If an employee earns $12,300 a year, how much do they earn monthly?

Back

$1,025

Front

What is the Social Security deduction rate for employees?

Back

The Social Security deduction rate is 6.2% of gross earnings.

Front

If Mike earns $2,450 per week, how do you calculate his Social Security deduction?

Back

Social Security Deduction = Weekly Earnings x 0.062

Front

How do you calculate annual salary from weekly earnings?

Back

Annual Salary = Weekly Earnings x 52

Front

If you earn $550 weekly, what is your annual income?

Back

$28,600

Front

What is overtime pay and how is it calculated?

Back

Overtime pay is typically calculated at 1.5 times the regular hourly rate for hours worked over 40 in a week.

Front

If Jenny earns $23.50 an hour, how much does she earn for 5 hours of overtime?

Back

$176.25

Front

What is the Medicare deduction rate for employees?

Back

The Medicare deduction rate is 1.45% of gross earnings.

Front

If Ashley earns $1,500 per week, how do you calculate her Medicare deduction?

Back

Medicare Deduction = Weekly Earnings x 0.0145