midterm

Front

What is the process for reading an electric meter?

Back

To read an electric meter, note the numbers displayed on the dial from left to right, ignoring any dials that are not in use. The reading represents the total kilowatt-hours consumed.

Front

How do you calculate a percentage of a given amount?

Back

To calculate a percentage of a given amount, multiply the amount by the percentage (in decimal form). For example, 18% of $250 is calculated as 250 * 0.18 = $45.

Front

What is the standard Social Security tax rate?

Back

The standard Social Security tax rate is 6.2% of gross income.

Front

How do you calculate overtime pay?

Back

Overtime pay is calculated by taking the regular hourly rate and multiplying it by 1.5 for hours worked over 40 in a week. Double-time is typically 2 times the regular rate.

Front

What is a 401k account?

Back

A 401k account is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

Front

How do you calculate the gain in value of an investment?

Back

To calculate the gain in value of an investment, multiply the initial investment amount by the percentage gain. For example, if Jan invests $13,200 (12% of $110,000) and the investment gains 15%, the gain is 13,200 * 0.15 = $1,980.

Front

What is the formula for calculating gross pay?

Back

Gross pay is calculated by multiplying the number of hours worked by the hourly wage. For overtime, add the regular pay and the overtime pay.

Front

What does it mean to withhold taxes from a paycheck?

Back

Withholding taxes means that an employer deducts a portion of an employee's earnings to pay for federal, state, and local taxes on behalf of the employee.

Front

How do you determine the total earnings for a week with overtime?

Back

To determine total earnings for a week with overtime, calculate regular pay for the first 40 hours and then add the overtime pay for any hours worked beyond that.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before any deductions, while net pay is the amount received after all deductions, including taxes and other withholdings.