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 3.6  Apps 1 state/federal/FICA deduction/commission

3.6 Apps 1 state/federal/FICA deduction/commission

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

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

Back

Monthly Salary = Annual Salary / 12

2.

FLASHCARD QUESTION

Front

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

Back

$1,025

3.

FLASHCARD QUESTION

Front

What is the Social Security deduction rate for employees?

Back

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

4.

FLASHCARD QUESTION

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

5.

FLASHCARD QUESTION

Front

How do you calculate annual salary from weekly earnings?

Back

Annual Salary = Weekly Earnings x 52

6.

FLASHCARD QUESTION

Front

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

Back

$28,600

7.

FLASHCARD QUESTION

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.

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