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WorksheetsBM Chapter 2 Review
Total questions: 15
Worksheet time: 1hrs 11mins
Name
Class
Date
1.
Which of the following has a wage cap?
a)
Federal
b)
State
c)
Social Security
d)
Medicare
2.
Your take home pay is also known as what?
a)
Gross Pay
b)
Net Pay
c)
Tax Exemptions
d)
Taxable Earnings
3.
Pennsylvania is on what type of state income tax system?
a)
PA does not have state income tax
b)
Flat Rate
c)
Graduated Tax System
d)
The answer is not listed
4.
Semimonthly is how many pay periods per year?
a)
52
b)
26
c)
24
d)
12
5.
FIT stands for...
a)
Federal Insurance Term
b)
Federal Income Tax
c)
Federal Institute of Trump
d)
First International Tax
6.
FICA is....
a)
a federal program that provide benefits for retirees, the disabled, and children of deceased workers.
b)
the government taking your money for no reason.
c)
the Federal Institute of Conservation Act.
d)
an acronym that no one understands.
7.
Which two taxes are added together to make FICA?
a)
Federal and State
b)
Medicare and Health Insurance
c)
Social Security and State
d)
Social Security and Medicare
8.
Graduated (or progressive) rate for state income tax means...
a)
taxpayers with higher incomes are taxed at higher rates than those with lower incomes.
b)
taxpayers all pay the same income tax rate no matter what their income level is.
c)
once you graduated high school you don't have to pay state income tax.
d)
only the retirees have to pay state income tax.
9.
What percentage does FICA add up to?
a)
9.27%
b)
4.52%
c)
7.65%
d)
10.72%
10.
Donna Forrester's gross pay is $72,500 a year. The state income tax rate is three percent of taxable wages/earnings. Donna takes a married exemption of $3,000 for herself and her husband. How much is withheld from her gross earnings for state income tax for the year?
a)
$2,085
b)
$2,175
c)
$70,325
d)
$70,415
11.
Warren Anderson's annual salary is $54,500. His personal exemptions total $1,500. The annual tax withheld is: 1.5 percent of the 1st $1,000, 3.0 percent of the next $2,000, 4.5 percent of the next $2,000, and 5.0 percent over $5,000. How much is deducted annually for state income tax?
a)
$2,400
b)
$2,565
c)
$2,725
d)
$2,890
12.
Charles Stickley's gross weekly pay is $915. His earnings to date for this year total $21,045. What amount is deducted weekly for Social Security taxes?
a)
$13.27
b)
$56.73
c)
$70.00
d)
$1,304.79
13.
Carrie Ambrose has family medical coverage through her employer's group medical plan. The annual cost of Ambrose's coverage is $4,800. If her employer pays 60 percent of the coverage, how much does Carrie have to pay?
a)
$1,920
b)
$2,880
c)
$6,720
d)
$7,680
14.
Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in FIT deductions, plus 2% state tax, and FICA. What is her net pay?
a)
$185.00
b)
$1,085.79
c)
$1,065.01
d)
$1,435.00
15.
What does the R state for in IRS?
a)
Revenue
b)
Right
c)
Radical
d)
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