Paycheck Calculations Practice

If you get paid weekly, how may paychecks do you get per year?

• 12

• 24

• 26

• 52

If you get paid semimonthly, how many paychecks do you get a year?

• 2

• 12

• 24

• 26

Answer explanation

Semi-monthly means twice a month

You make $23.74, what would be your overtime rate?

• $11.87

• $35.27

• $47.48

Answer explanation

Overtime is time and a half. So you multiply your hourly rate by 1.5

This is the amount of your paycheck prior to deductions coming out.

• Salary

• Wages

• Net Earnings/Pay

• Gross Earnings/Pay

You worked 91 hours your last pay period. Assuming you make $15.00 and hour, how big will you paycheck be prior to deductions? You get paid overtime for any hours over 80 in a pay period.

• $1,200

• $1,365

• $1,447.5

• $2,047.5

You have a salary of $44,391 and get paid bi weekly. Calculate the amount of your paycheck prior to deductions.

• $853.67

• $1,849.63

• $1,707.35

• $3,699.25

Answer explanation

Biweekly means you get paid every two weeks, therefore you take your salary and divide in by 26.

This is the name of the form you fill out when you start a job, it indicates how many exemptions you are claiming.

Your federal income tax rate is determined by one of two ways. Either the IRS Tax Table Method or the IRS Percentage Method.

• True

• False

Answer explanation

Remember, companies use either one of these methods. The IRS tax table method is more accurate but takes longer to do.

If your paycheck is $935.27, and you claim 1 exemption. How much federal tax will you pay?

• 108

• 84

• 60

• 90

Use the following table to calculate how much federal tax you will pay if your paycheck was $876.50.

• $36.30

• $95.28

• $131.48

• $167.68

Answer explanation

It says that you will have to pay $36.20 plus 15% of your paycheck on the chart.

$876.50 * (.15) = $131.48

$131.48 + $36.2 = $167.68