Personal Finance 1

Joe's salary is $58,000. What is his hourly pay?

• $58.00

• $27.88

• $32.49

• $14.50

Answer explanation

$58,000 / 2080 = $27.88

Tom has $45,000 in total assets and $15,000 in liabilities. What is his net worth?

• $45,000

• $60,000

• $30,000

• net worth cannot be calculated with the information given

Which form gives your employer information needed to calculate federal and state income tax withholding?

• W4

• W2

• 1040

• Statement of Financial Position

Melissa's hourly wage is $10.50. What is her overtime wage?

• $21.00

• $10.50

• $14.25

• $15.75

Social Security withholding percentage is:

• 7.65%

• 1.45%

• 6.2%

• it depends on how much you earn, marital status, and dependents

Which of the following is true?

• overtime pay is required for work over 8 hours in a day

• Employers must match Social Security but not Medicare

• Salaried employees do not receive overtime pay

• Employees that make less than $160,200 in a year don't pay social security

George's annual salary is $36,000 and he's paid monthly. What's his monthly gross pay?

• $3,600

• $3,000

• $2,500

• $2,000

Which of the following jobs pays the most?

• $3,500 per month

• $56,000 per year

• $29 per hour

• $5,500 per month

A summary of gross pay and taxes withheld for the year that must be mailed by the employer by Jan. 31 is the