Pay and Payroll taxes

Payroll and Payroll Taxes Review

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• Removed Second

• Elected deductions

Voluntary

• Removed First

• Required deductions
  

Involuntary

Deductions

Multiple Select

Which deductions from your pay are considered voluntary?

• retirement contributions

• state taxes

• health care

• life insurance

​Pay Periods

​Weekly = 52 Pays, every week

​Bi-Weekly = 26 Pays, every other week

​Semi-Monthly = 24 Pays, twice a month

Multiple Choice

You are a cashier who makes $8.25 per hour. You worked 50 hours this week, which is more than your regular hours. You were paid for 50 hours of work. What form of payment are you receiving?

• Hourly

• Hourly and Overtime

• Hourly and Commision

• Salary

Multiple Choice

You work as an electrician and make $21.50 per hr. You work 30 hours per week and get paid semi-monthly. How often do you get paid?

• every other week

• every week

• twice a week

• twice a month

Multiple Choice

You are an electrician who earns $13.50 per hour. You work 35 hours per week and are paid bi-weekly.

What is your gross pay for the pay period?

• $540.00

• $661.50

• $472.50

• $945.00

Multiple Choice

You are a host at a restaurant. You earn $8.25 per hour. You work 23 hours each week and are paid biweekly.

What is your gross pay for the pay period?

• $379.50

• $569.25

• $290.00

• $189.75

Multiple Choice

You earn $17.50 per hour on a biweekly basis. You also receive $100 for each new car you sell.

Week 1: work 20 hours and sell 2 cars.

Week 2: work 30 hours and sell 3 cars.

How much will your pay be at the end of the two weeks?

• $1,175

• $1,075

• $825

• $1,375

Multiple Choice

You earn $12.25 per hour on a biweekly basis. You also receive $115 for each new car you sell.

Week 1: work 21 hours and sell 4 cars.

Week 2: work 23 hours and sell 3 cars.

How much will your gross pay be at the end of the two weeks?

• $717.25

• $626.75

• $1,344.00

• $5,145.75

Estimating Realized Income

Multiple Choice

Suppose you know that you need $25,800 of realized income each year to cover all of your expenses. You can work 40 hours per week. What is the minimum amount you should make per hour to be able to pay for your expenses?

• $19.20/hr

• $13.44/hr

• $12.40/hr

• $17.72/hr

Multiple Choice

Suppose you know that you need $32,500 of realized income each year to cover all of your expenses. You can work 35 hours per week. What is the minimum amount you should make per hour to be able to pay for your expenses?

• $17.86/hr

• $19.35/hr

• $25.51/hr

• $27.64/

Multiple Choice

You need $15,750 of realized income per year to cover all of your expenses. You can work 35 hours per week. What is the minimum amount you should make per hour to be able to pay for your expenses?

• $13.39/hour

• $12.36/hour

• $8.65/hour

• $6.06/hour

Multiple Choice

You need $18,500 of realized income per year to cover all of your expenses. You can work 32 hours per week. What is the minimum amount you should make per hour to be able to pay for your expenses?

• $11.12/hour

• $7.78/hour

• $15.88/hour

• $17.21/hour

​Realized Income formula

Multiple Choice

You are paid $8.25 per hour. You work 20 hours a week. You get paid weekly. Your taxes are federal (10%), FICA (7.65%), and state (3%). You also contribute $10 to retirement per pay period. How much is your realized income?

• $130.93

• $165.00

• $135.78

• $120.93

Multiple Choice

You earn $39,860 per year. You get paid semi-monthly. Your taxes are federal (12%), FICA (7.65%), and state (3.07%). You also contribute $15 to retirement per pay period. How much is your realized income?

• $1,169.76

• $1,184.76

• $1,268.49

• $1,283.49

Multiple Choice

You work as a nurse. Your salary is $52,300 per year.

• You get paid semi-monthly (24).

• Your taxes are federal (22%), FICA (7.65%), and state (3.07%).

• You also contribute $30 per pay period to your retirement account.

How much is your realized income on your next paycheck?

• $1,614.50
• $1,436.14

• $1,466.14

• $1,000.00

Used to identify your deductions for federal income tax.

​

The Form W-4

Multiple Choice

What is your filing status if you live at home with a guardian, not married, and have no children?

• Married
• Head of Household

• Qualifying Widow(er)

• Single

Multiple Choice

When Charlie completed his Federal Taxes, he found that he owed $590. What can he change on the Form W-4 so that he does not owe money in next year?

• Have dependents (step 3)

• Have extra federal tax withheld (step 4)

• Complete the multiple jobs calculations (step 3)

• he does not need to change anything, just increase his pay.

Used to add multiple cells in Excel

​

Sum Function

​VLOOKUP

​=VLOOKUP(cell referenced, table to review, Column #, True/False)

​

​True = Approximate Value

​False = Exact Value

​

​Lookup a value from A1 in table B1 through F10. Return a value from the 3rd column (D) with an exact match.

Multiple Choice

In Microsoft Excel, you have numerical data in cells C1 to C100. You want to add the numbers in these cells. Which formula would accomplish this?

• =C1+C100

• =SUM(C1+C100)

• =SUM(C1:C100)

• =C1:C100

Multiple Choice

In Microsoft Excel, Which formula would allow you to add A1 to the entire B column?

• =SUM(A1, B:B)

• =SUM(A1, B)

• =A1+B:B
• =SUM(A1, B-B)

Multiple Choice

You need a function that looks up this value from C1 in a table of values from F1 through G5. You need to have the value from the second column (G) of the table. Also, C1 will precisely match one of the values in the first column.

• =VLOOKUP(C1, F1:G5, 1, TRUE)

• =VLOOKUP(C1, F1:G5, 2, FALSE)

• =VLOOKUP(C1, F1:G5, G, FALSE)

• =VLOOKUP(C1, F1:G5, 2, TRUE)

Multiple Choice

• You need to look up the information in cell A1 in a table of values in cells C1 to D10.

• Once the data is found in the table, you need to return the value from the second column (D).

• In order to return a value, A1 must exactly match one of the values in the first column (E). 

• =VLOOKUP(A1, C1:D10, 4, FALSE)

• =VLOOKUP(A1, C1:D10, 2, FALSE)

• =VLOOKUP(A1, C1:D10, 3, FALSE)

• =VLOOKUP(A1, C1:D10, 2, TRUE)

​Lesson Wrap Up

• ​Today, we reviewed pay and payroll taxes

• ​Monday - No School

• Tuesday - take your test on pay and payroll taxes

• ​Wednesday - start Unit 4: Sales tax and discounts