FinAlg Exam Review 1

What is take home pay?

• overtime pay

• gross pay

• regular pay

• net pay

Use the tax schedule to calculate the tax for a taxable income of $100,000.

• $5,975.00

• $20,062.00

• $43,600.00

• $25,000.00

Tags

CCSS.8.F.B.4

CCSS.HSF.IF.B.6

What is the term for a wage and tax statement?

• Form W2

• Form W4

• Form 1099

• Pay Stub

Last week Sam worked 40 regular hours and 7 overtime hours at time and a half. What is her hourly rate if her gross pay was $611.05.

• $12.05/hour

• $13.00/hour

• $12.10/hour

• $18.15/hour

Tags

CCSS.7.EE.B.4A

Katie is retiring after 27 years. Her last three year's salaries are 55K, 57.5K and 60K. If her pension will provide her with 1.5% of the average of her last three year's salaries for each of the years she worked, what is her pension?

• $69,862.50 per year

• $57,500.00 per year

• $94,314.38 per year

• $23,287.50 per year

Tags

CCSS.6.EE.B.6

Calculate the balance at the end of six months for a savings account with $2,500 paying 3.5% simple interest.

• $43.75

• $2,870.50

• $2,543.75

• $875.00

Tags

CCSS.HSF.BF.A.2

An employer-sponsored pre-tax cafeteria plan used to pay for certain medical expenses and child care is called a

• flexible spending account

• medical spending account

• deferred cafeteria plan

• individual retirement account

Federal and state laws on the lowest hourly rate that can be paid to a worker in the United States:

• regular hours

• double time

• minimum wage

• maximum wage

• time-and-a-half

Ed pays $38 semimonthly for insurance which is 15% of the total annual cost. What is the annual cost?

• $253.33

• $136.80

• $3,040.00

• $6,080.00

Tags

CCSS.6.EE.B.7

Last week Jenny worked 5.5, 2.9, 6.25, 7.1 and 8.5 hours. If her hourly wage is $8.75/hr, calculate her gross pay.

• $30.25

• $264.68

• $264.69

• $266.69

Tags

CCSS.7.EE.B.3