Net Pay Quiz

Gross pay: $23,760 Married, with 4 dependents, State income tax rate 6%. Calculate the State Income Tax.

Exemptions: Married $4,000, Each dependent $2,000.

• $201.33

• $705.60

• $945.60

• $105.60

Gross pay: $43,300, Single with 1 dependent, State income tax rate : 2.5%. Calculate the State Income Tax.

Exemptions: Single $2,000 Each Dependent $2,000.

• $982.50

• $1050.00

• $932.50

• $1082.5

When can you begin receiving Social Security benefits?

• Age 52

• Age 62

• Age 70

• Age 60

The total amount of earnings BEFORE any deductions are taken out

• Gross Pay

• Net Pay

• After-tax Income

• None of these

The total amount of earnings AFTER all deductions are taken out

• Gross Pay

• Net Pay

• After-tax Income

• None of these

FICA Taxes are. . . .

• Federal, State, Social Security, and Medicare

• State, Social Security, and Medicare

• Social Security and Medicare

• Medicare

Which of the following is NOT a payroll deduction?

• Overtime pay

• State Tax

• Federal Tax

• FICA Social Security

What is the current Social Security tax rate?

• 4.5%

• 8.7%

• 10%

• 6.2%

What is the current Medicare tax rate?

• 0.5%

• 2.5%

• 3%

• 1.45%

Sam's deductions add up to $112 a week. If her net pay is $425 a week, what is her gross pay?

• $112

• $313

• $425

• $537