Financial - Chapter 2 Review

Find the deduction per pay period.

Annual cost of insurance is $12,000; employer pays 80%; 52 pay periods.

• $2,400

• $20

• $46.15

• $164.25

Ruth Lockwood is a supervisor for Acme Steel. Her group medical coverage costs $6,240 per year. The company pays 75% of the cost of group insurance.

Find the total amount paid annually by Ruth.

• $1,560

• $1,200

• $130

• $25

Kasey Marsenburg is a financial consultant for ABC Finance. Her annual group medical coverage costs $9,560, of which ABC Finance pays 65%. How much is deducted weekly from her paycheck for medical coverage?

• $95.60

• $64.35

• $86.23

• $61.86

John earns $620 per week as a chef. He has group medical and dental insurance. Medical coverage costs $9,560 a year and dental coverage costs $172 a year. The restaurant pays 80% of the medical and 65% of the dental insurance. How much is deducted each week for insurance coverage?

• $45.16

• $32.85

• $41.98

• $37.93

ALGEBRA: Christian has $15.60 deducted weekly for

family medical insurance. His employer pays 85% of the cost. What is the annual premium?

• $5,804

• $5,408

• $5,125

• $1,560

When filing taxes, you may claim an exemption for each of your dependents but not for yourself.

• True
• False

Gross Pay is

• OT x hours worked

• rate x hours worked

• hours worked/rate

• rate + hours worked

What percent is social security tax?

• 6.2%

• 5.9%

• 1.45%

• 6.75%

What percent is Medicare tax?

• 2.45

• 3.45

• 1.45

• 6.45

____ pay is the amount you take home after deductions have been subtracted.

• Net
• Gross
• Profit
• None of these