Taxes Exam for Applied Math Chapter 2

What is the difference between gross pay and net pay?

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Kim, a customer service rep, is single, earns $455 a week and claims 2 allowances. What is the amount of FIT withheld?

• 45

• 44

• 34

• 32

Find the state tax withheld from Chris who earns $21,423 per year as a forestry technician. His exemptions are himself, his wife and their son. The state tax rate is 4.5% of taxable income.

• $964.04

• $896.54

• $4500

• $761.54

Find the state tax withheld per pay period using the chart. Jo Ha is single and earns $24,400 and is paid twice a month.

• $1035

• $43.13

• $1220

• $46.67

Valerie is a ski instructor and has a $15,000 annual cost for health insurance. Her employer pays 60%. How much will be deducted each pay period if Valerie gets paid every week. (52 weeks in a year)

• $173.08

• $115.38

• $9000

• $6000

Jordan works at the restaurant and gets paid $640 per pay period. State tax is 2% of gross pay and local tax is 1.5% of gross pay. How much will be deducted for Social Security? (6.2%)

• $9.60

• $9.28

• $39.68

• $12.80

• $568.64

Rylie works at the Art Studio and gets paid $640 per pay period. State tax is 2% of gross pay and local tax is 1.5% of gross pay. How much will be deducted for Medicare? (1.45%)

• $9.60

• $9.28

• $39.68

• $12.80

• $568.64

Ana works at the Pet Groomers and gets paid $640 per pay period. State tax is 2% of gross pay and local tax is 1.5% of gross pay. How much will be deducted for state tax?

• $9.60

• $9.28

• $39.68

• $12.80

• $568.64

AT works at the Soccer Park and gets paid $640 per pay period. State tax is 2% of gross pay and local tax is 1.5% of gross pay. How much will be deducted for local tax?

• $9.60

• $9.28

• $39.68

• $12.80

• $568.64

Edward works at the theater and his gross weekly pay is $630. He pays 6.2% for Social Security tax, 1.45% Medicare tax, and $14.20 for health insurance. What is Edward's monthly net pay?

• $2,459.60

• $2,313.02

• $2,520

• $2,505.80