payroll

Select the three taxes that are taken out of every paycheck.

• State Taxes

• FICA Taxes

• Federal Taxes

• Retirement Fund

The amount of income tax withheld is based upon (choose two)

• marital status

• age

• your type of job

• number of withholding allowances

You are a salary employee and make $61,618.00 a year. You get paid monthly. Calculate your gross pay for a single paycheck.

• $1,184.96

• $2,369.92

• $2,567.41

• $5,134.83

Your wages are $14.00 an hour and you worked 51 hours last week. How much will you make in overtime pay?

• $714.00

• $154

• $21

• $231

What does FICA stand for?

• Financial Insurance Contributions Act

• Financial Insurance Community Act

• Federal Income Contributions Act

• Federal Insurance Contributions Act

An employee's total earnings is known as net pay.

• True

• False

Gross income

• Individual earnings after taxes, garnishments and contributions

• An individual's income before taxes and adjustments

What form must be provided yearly by your employer to each employee showing the total salary earned and the taxes withheld?

• W2

• W3

• W6

• W5

Net pay

• is also known as take-home pay.

• is more than gross pay.

• depends on how much the employee wants to pay in Social Security taxes

• is gross pay minus 7.65%.

If you make $18.49, what will be your overtime rate?

• $9.24

• $27.74

• $36.98

• $24.24