Fina Alg Mid term Review SY 20-21 Sem 2

George is a server at Hacienda. He's paid $8.00/hour for a 37.5 hour week. What are his earnings for the week?

• $234.38

• $302

• $300

• $250

As a university professor, Gabrielle earns $84,000 per year. What will be Abe's pay if he is paid per month?

• $84,000

• $7,000

• $3,500

The total amount you earn BEFORE any deductions are subtracted is called __________ pay.

• Bonus
• Gross
• Incentive
• Net

Net income is:

• the total amount of money you earn before deductions.
• the amount of money you receive AFTER deductions are subtracted from your gross income
• a debt or money that is owed to someone.
• the hourly rate of pay

Dayanara's gross income was $550.  What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

• $132.50
• $417.50
• $440.00
• $638.50

Which of the following is not a required deduction?

• Federal Income Tax
• Savings Deposits
• State tax
• Social security Tax

What are your total deductions, if you deductions are as follows: Federal Tax $154.53, Social Security $56.74, Medicare $14.15, and health insurance premiums $48?

• $236.47

• $198.47

• $190.80

• $273.42

Gross pay: $23,760 Married, with 4 dependents, State income tax rate 6%. Calculate the State Income Tax.

Exemptions: Married $4,000, Each dependent $2,000.

• $201.33

• $705.60

• $945.60

• $105.60

Your take home pay is also known as what?

• Gross Pay
• Net Pay
• Tax Exemptions
• Taxable Earnings

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• You are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.