FM M2 Exam Review Part 2

Sally assembles toy trains at a factory. She can assemble 24 trains in an 8 hour shift. What is her hourly production rate?

• 3 trains/hour

• 2 trains/hour

• 8 trains/hour

John assembles widgets at a factory. He makes $.10 for each widget that he correctly assembles. The production rate is 75 widgets an hour. What is John's gross pay for an 8 hour shift if he meets this production rate?

• $7.50

• $60

• $600

Terry’s gross pay for this pay period was 525.00. He had the following deductions taken from his pay check ( Federal Income Tax 78.75, State Income Tax 36.75, FICA 40.16). What is his net pay?

• $525

• $155.66

• $369.34

The amount of money left after all the deductions have been taken from the gross pay earned in the pay period is called _____ ______. This is also known as take-home pay.

• Gross Pay

• Net Pay

• Overtime Pay

What did Grady pay in Federal Income taxes during this pay period?

• $25.72

• $55.11

• $28.11

The federal program that assists older Americans with insurance and income is called ______.

• FICA

• Federal Income Tax

• State Income Tax

How much did Grady pay in State Income Taxes during this pay period?

• $25.72

• $55.11

• $28.11

Deductions are monies ____.

• taken from your net pay.

• taken from your gross pay.

• added to your gross pay.

What was Grady’s net pay during this pay period?

• $367.38

• $233.44

• $213.60

Todd earns $10.00 an hour. He worked 40 hours during this pay period. His gross pay was $400.00. He had the following deductions taken from his pay stub ($60.00 in Federal Income Tax, $28.00 in State Income Tax, $30.60 in FICA, $10.00 Food Expense, and $5.00 Uniform Expense). What is Todd’s net pay?

• $163.60

• $563.60

• $236.40