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Net Income Ch 2

Authored by Cindy Hollingsworth

Mathematics, Business

10th - 12th Grade

Used 4+ times

Net Income Ch 2
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9 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Tonya Westin’s gross pay for the week is $357.89. She is married and claims no allowances. Use the table on page A4 in the text. What amount will be withheld for FIT?

$14.00

$15.00

$19.00

$20.00

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Dwight Fisher earns $42,500. He is married with three dependents which gives him a $10,000 exemption. His state had an income tax rate of 4.5%. How much does Dwight’s employer withhold annually from his gross earnings for state income tax?

$450.00

$1230.90

$1462.50

$1912.50

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

ALGEBRA Reena Garcia is a sales manager. She is single and takes a $2,000 exemption. The state income tax rate is 3%. If her employer withholds $3,900 for state income tax annually, find her annual salary.

$85,400

$101,250

$125,600

$132,000

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Mary Jane Porter has an annual gross pay of $32,100. Her exemptions total $3,500. The state tax on the first $5,000 is 1.5% and on amounts over $5,000 is 4.2%. Find the total tax withheld.

$1009.85

$1066.20

$1213.20

$1430.85

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Kyle Gruber’s gross pay this month is $5,432.50. His earnings to date for the year total $12,300.75. How much does his employer deduct from his paycheck this month for Social Security?

$336.82

$356.59

$511.85

$575.60

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Sui Chun’s gross pay last week was $2,350. Her earnings to date for the year are $43,500. How much did her employer deduct from her paycheck last week for Medicare?

$34.08

$47.00

$58.75

$65.90

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Tamara Matta’s annual group insurance costs $5,800, and her company pays 75% of the cost. How much does Tamara pay monthly for insurance?

$100.90

$120.83

$280.50

$362.50

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