BMAF Chapter 2 review

Maggie Brown, a customer service representative at Kelly’s Floral Designs, is single,

earns $455 weekly, and claims 2 allowances. What is the amount of federal income tax

withheld? Use tax tables from lesson 2-1

• 24

• 21

• 34

• 25

Will Stevenson, a chemist who is married and claims 2 allowances, earns $600.50 a week.

How much does he have withheld from his weekly paycheck for federal income tax?Use tax tables from lesson 2-1

• 36

• 31

• 26

• 33

Chris Butcher earns $21,423 per year as a forestry technician.

His exemptions include himself, his wife, and their son. The

state tax rate in his state is 4.5% of taxable income. Exemptions are 3000 for married 1500 single, and 1500 each dependent.

• $761.54

• 964.04

• 214.42

• 784.04

Answer explanation

21423-3000-1500=16923

16923*.045=761.54

Missy Kimble earns $42,000 per year. She is single. Her state

tax rate is 2%. Exemption is 1500 for single.

• 840

• 810

• 880

• 920

Answer explanation

42000-1500=40500

40500*.02=810

Rita Lo earns $59,000. She is married with 2 dependents. Her state tax rate is 3%. Exemptions are 3000 married, and 1500 each dependent.

• 1690

• 1680

• 1590

• 1580

Answer explanation

59000-3000-3000=53000

53000*.03=1590

Maurice Jordan’s annual salary as

a motorcycle mechanic is $18,750

paid in 26 pay periods. He is

married. Use the table to calculate exemptions and taxes.

• 24.00

• 18.75

• 25.10

• 19.25

Answer explanation

18750-4000=14750

1000*.015=15

2000*.03=60

2000*.045=90

14750-5000=9750*.05=487.50

15+60+90+487.50=652.50

652.50/26=25.10

Jo Ha is single and earns $24,400

paid in 24 pay periods.Use the table to calculate exemptions and taxes.

• 43.13

• 45.15

• 32.45

• 38.18

Answer explanation

24400-2000=22400

15+60+90 first 3 brackets

22400-5000=17400*.05=870

15+60+90+870=1035/24=43.13

J otto makes 76,432 a year and gets paid monthly. What are his monthly social security and medicare taxes?

• 395.50,95.55

• 394.90,92.36

• 6369.33

• 4968.08,1108.26

Answer explanation

76432*.062=4738.78/12=394.90

76432*.0145=1108.26/12=92.36

How much social security tax is paid biweekly on a yearly salary of 43902?

• 2853.63

• 1688.54

• 109.76

• 118.90

Answer explanation

43902*.065=2853.63

2853.63/26=109.76

Cassandra Matthews, a software designer, has insurance whose premium is $6,800 a

year. Her employer pays 75%. . What is her semimonthly insurance premium?

• 5100

• 212.50

• 70.83

• 69.85

Answer explanation

100-.75=.25

6800*.25=1700

1700/24=70.83