Personal Finance - Earnings

Money earned prior to withholdings is called ______.

• Net Pay

• Gross Pay

• Variable Pay

• Tax Withholdings

Net Pay is describe by which statement below?

• The product of the hourly rate and number of hours worked.

• A workers weekly salary.

• Earnings made minus withholdings.

• Earnings made prior to withholdings.

Which of the following are withholdings? (Select all that apply.)

• FIT & State Taxes

• Interest on a student loan

• Social Security & Medicare

• Employee share of group health premiums

The state tax withholding rate in Michigan is _____.

• 6%

• 4.5%

• 5.25%

• 4.25%

When you subtract any amount not subject to taxation from your total earnings you arrive at your ______.

• Gross Earnings

• Net Earnings

• Taxable Wages

• Base Wages

When an individual is paid a yearly amount divided into equal pays, that describes which type of earnings below?

• Commissions

• Salary

• Piecework

• Overtime

Which of the following below are potential employee benefits? Select all that apply.

• Health Insurance

• Dental & Optical Insurance

• 401-K

• Certificate of Deposit

Mark is paid $12.50 per hour. He worked 42 hours last week. Which amount below is his total gross pay?

• $537.50

• $525

• $550

• $787.50

Bill makes an annual salary of $68,400. How much is his gross biweekly pay?

• $5700.00

• $2850.00

• $5261.54

• $2630.77

Dan is paid by the piece he produces. If he is paid $2.50 per tool of type A and $3.25 for each of type B, how much will he earn for 100 pieces of type A and 200pieces of type B?

• $850

• $825

• $900

• $950