3.6 Apps 1 state/federal/FICA deduction/commission

Front

What is the Social Security deduction rate?

Back

6.2% of gross earnings.

Front

How is the Medicare deduction calculated?

Back

1.45% of gross earnings.

Front

If Mike earns $2450 per week, what is his Social Security deduction?

Back

$151.90

Front

Randy has a fixed salary of $2000 and earns a 2% commission on $30,000 in sales. What is his total salary for the month?

Back

$2,600

Front

What is the formula to calculate total salary including commission?

Back

Total Salary = Fixed Salary + (Commission Rate * Total Sales).

Front

If Ashley earns $1500 per week, what is her Medicare deduction?

Back

$21.75

Front

How much is deducted for Social Security if Tim earns $459.00 a week?

Back

$28.46

Front

What is the purpose of FICA deductions?

Back

To fund Social Security and Medicare programs.

Front

What is the difference between state and federal deductions?

Back

State deductions are based on state tax laws, while federal deductions are based on federal tax laws.

Front

What is a commission in the context of salary?

Back

A commission is a payment to an employee based on the sales they generate.