PBMF Ch 18-income and taxes

Required payments to a government are_______________. 

• income
• taxes
• income taxes
• medicare

Total pay or earnings made over a one-year period before any deductions have been taken is _____________.

• gross annual income
• net monthly income
• net annual income
• gross monthly income

total amount of earning made over a month before any deductions are____________.

• gross annual income
• net monthly income
• gross monthly income
• net annual income

A deduction is

• gross income
• money added to your income
• net income
• money taken out of your income

Martha's net income is $500, if her gross income is $850, how much are her deductions?

• 0

• $350

• $500

• $1350

Taxes are deducted from all employees paychecks

• true
• false

Which one is NOT a payroll deduction?

• Health insurance

• Sales tax

• Payroll taxes

• Federal income tax

To calculate time and a half pay rates....

• x normal rate by 0.5
• x normal rate by 1.5
• x normal rate by 2
• divide normal rate by 1.5

Bill is paid $30 an hour, his time and a half rate would be

• $15/hour
• $45/hour
• $60/hour
• $75/hour

Commission is based on

• how much you sell
• your profits
• your salary
• your retainer