Exam 2.3 NET PAY CREDIT CARDS

Net Pay is...

• pay you get after deductions

• pay you get before deductions

• gross pay

• regular pay + overtime pay

Tags

CCSS.6.NS.B.3

What percent is used to calculate the Medicare deduction?

• 15%

• 6.2%

• 1.45%

• 12%

Tags

CCSS.6.RP.A.3C

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?

FORMULA: ADD all the deductions

• $236.47

• $198.47

• $190.80

• $273.42

Tags

CCSS.5.NBT.B.7

A person's weekly gross pay is $1,500. The deductions are: Federal income tax is $120, State Income Tax is $60.25, Social Security tax is $93, Medicare is $21.75, and Health Insurance is $55. What is the person's net pay?

FORMULA: Net pay = Gross pay - all deductions

• $1,350

• $1,295

• $1,195

• $1,150

Tags

CCSS.6.NS.B.3

Michelle earned $1,970 this month. How much is deducted this month for Social Security?

**Social Security 6.2%

• $122.14

• $1,343.54

• $12,214

• $134,354

Tags

CCSS.6.RP.A.3C

The annual cost of health insurance is $4,200, and the EMPLOYER pays 80%. Your pay period is SEMIMONTHLY (24 pay periods). How much money gets deducted from your gross pay for health insurance?

FORMULA: Employees % x annual cost / number of pay periods

• $35

• $140

• $840

• $3,360

Tags

CCSS.6.RP.A.3C

James' gross pay for the month is $8,000. He pays $1,035 in Federal Income Tax, $465 in State Income Tax, $496 in Social Security Tax, $116 in Medicare, and $388 in Health Insurance. What is James' net pay for the month?

FORMULA: Net pay = Gross pay - all deductions

• $2,500

• $5,500

• $6,500

• $7,000

Tags

CCSS.4.OA.A.3

If your monthly living expenses averaged $720,  monthly fixed expenses averaged $1,148, and your monthly share of annual expenses averaged $308, what amount should you expect to spend monthly?

Formula: Add all expenses for each month

• $989

• $1349

• $1506

• $2176

Tags

CCSS.7.EE.B.3

Shane’s gross pay is $49,500 a year.  The state income tax rate is 5% of taxable wages.  He takes an exemption of $7,000.  How much is withheld from his gross earnings for state income tax for the year?

Formula: Yearly pay - Exemptions x state income tax rate

• $19,400

• $582.00

• $2125

• $522

Tags

CCSS.7.RP.A.3

Jackie Douglas is an airline mechanic. Her company pays 80% of the $13,500 of the annual cost of group health insurance. How much does she pay for it per pay period. She is paid weekly. (52 pay periods)

Formula: Employee percent x cost of insurance /pay period

• $209.16

• $53.92

• $206.15

• $51.92

Tags

CCSS.6.RP.A.3C