1st Semester Final Review -Financial Math

Front

What is the formula to calculate hourly pay rate?

Back

Hourly Pay Rate = Gross Pay / Total Hours Worked.

Front

If Jose worked 26 hours and earned $331.50, what is his hourly pay rate?

Back

$12.75.

Front

What is the Medicare deduction rate for gross pay?

Back

1.45% of gross pay.

Front

If a person's weekly gross pay is $1,500, what is the Medicare deduction?

Back

$21.75.

Front

What is the Social Security deduction rate for gross pay?

Back

6.2% of gross pay.

Front

If a person's weekly gross pay is $1,500, what is the Social Security deduction?

Back

$93.

Front

What is FICA?

Back

FICA stands for the Federal Insurance Contributions Act, which includes Social Security and Medicare taxes.

Front

How do you calculate total FICA deduction?

Back

Total FICA Deduction = Medicare Deduction + Social Security Deduction.

Front

If a person's weekly gross pay is $1,500, what is the total FICA deduction?

Back

$114.75.

Front

What is the total FICA deduction rate?

Back

7.65% (1.45% for Medicare + 6.2% for Social Security).