midterm

Front

Eddie worked 51.5 hours this week. He gets paid $12.48 per hour for the first 40 hours and then gets double-time for the rest of the time. How much money did he make this week?

Back

$786.24

Front

Hours = _______/60

Back

minutes

Front

The Social Security deduction is withheld at a standard rate of 6.2%. Suppose your gross pay this week is $500. How much Social Security tax is withheld from your paycheck?

Back

$31

Front

Find the simple interest on a $2,219 principle, deposited for six years at a rate of 5.11%

Back

$680.35

Front

What percent of your earnings goes to Medicare?

Back

1.45%

Front

Define simple interest.

Back

Simple interest is calculated using the formula: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.

Front

What is the formula for calculating gross pay?

Back

Gross pay = (Hourly wage × Hours worked) + Overtime pay.

Front

What is overtime pay?

Back

Overtime pay is the amount paid to an employee for hours worked beyond the standard 40 hours per week, typically at a higher rate.

Front

How do you calculate overtime pay?

Back

Overtime pay = (Hourly wage × 2) × (Hours worked - 40) for hours over 40.

Front

What is the standard rate for Social Security tax?

Back

6.2% of gross pay.