Wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Calculating Taxes - Financial Math

Total questions: 14

Worksheet time: 4hrs 30mins

Name
Class
Date
1.

Brandon works as an animal trainer, training service dogs for people with disabilities. He earns $625.27 per week. Brandon is single and claims one withholding allowance. What is the amount of federal withholding that will be withheld from his weekly paycheck?

a)

$63

b)

$32

c)

$53

d)

$31

2.

Brandon works as an animal trainer, training service dogs for people with disabilities. He earns $625.27 per week. Brandon is single and claims one withholding allowance. How much money will be withheld from Brandon's check for Social Security?

a)

$38.77

b)

$9.07

c)

$38.76

d)

$47.83

3.

Brandon works as an animal trainer, training service dogs for people with disabilities. He earns $625.27 per week. Brandon is single and claims one withholding allowance. How much money will be withheld from Brandon's check for Medicare?

a)

$9.06

b)

$9.07

c)

$90.66

d)

$47.83

4.

DeAndre is married and is a teacher. His gross pay biweekly is $1284.67. He claims himself and 3 other withholding allowances. How much federal withholding is withheld from his biweekly paycheck?

a)

$51

b)

$36

c)

$19

d)

$70

5.

DeAndre is married and is a teacher. His gross pay biweekly is $1284.67. He claims himself and 3 other withholding allowances. How much money will be withheld from DeAndre's check for FICA taxes?

a)

$98.28

b)

$98.27

c)

$98.23

d)

$98.24

6.

Pierre works as the head chef at Chez Bistro. He is married and claims 2 withholding allowances. Pierre gets paid $1708.33 semi-monthly. His withholding for federal is $91.00, for Social Security is 105.92 and for Medicare is 24.77. What is Pierre's net pay?

a)

$1486.64

b)

$1499.64

c)

$1489.64

d)

$1479.63

7.

Thomas is a police dispatcher who earns $709.62 per week. He is single and claims one withholding allowance. Determine his net pay after federal and FICA withholding's are taken out of his check.

a)

$592.33

b)

$592.34

c)

$584.33

d)

584.34

8.

Jesus is an anthropologist who earns $1098.78 per week. He is married and claims three withholding allowances. Determine his net pay.

a)

$921.73

b)

$921.72

c)

$945.72

d)

$945.73

9.

Sam lives in Denison, TX which is very close to the Oklahoma border. Her husband works in Texas and her four children attend school in Denison, but she works in Oklahoma at the Choctaw Casino. She earns 1079.99 per week. The OK state income tax rate is 3.5% of gross earnings. What is her net pay assuming she files as a married person and claims herself and her children as allowances?

a)

$911.57

b)

$903.57

c)

$893.57

d)

$922.57

10.

What do we call your pay after all the withholdings have been subtracted out?

a)

Gross Pay

b)

Overtime Pay

c)

Net Pay

d)

Taxable income

11.
FICA taxes are
a)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
b)
U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
c)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
d)
U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare
12.
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
a)
net pay
b)
gross pay
c)
payroll deductions
d)
none of these
13.

Dash works as a corporate lawyer and makes $150,000 per year. How much will he have withheld for Social Security this year?

a)

$9300

b)

$8239.80

c)

$10414.80

d)

Cannot be calculated, do not have enough information.

14.

Daria works as a corporate consultant making $210,000 a year. Calculate the Medicare withholding for the year.

a)

$3045.00

b)

$2940.00

c)

$1927.05

d)

$1860.60