WorksheetsChapter 6 Financial Math
Total questions: 25
Worksheet time: 5hrs 35mins
The Wage and Tax Statement, which shows a person’s earnings and the amounts of income, is also known as the Form _-_.
W-2
W-4
1099
I-9
The Employee’s Withholding Allowance Certificate is a federal tax form that is also called the _____.
W-2
W-4
1099
I-9
Unearned income is...
earnings from sources other than work (ex: lottery winnings, interest, rent income)
the income received from employment, including self-employment
A tax deduction is...
an amount of extra tax money to pay
an amount that is subtracted from adjusted gross income
an amount that is added to adjusted gross income
A dependent is...
Someone who is lazy
Someone who works hard
an adult individual who pays taxes and takes care of themselves
an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent
Government agency that collects federal taxes
Internal Revenue State
Income Regional Service
Internal Revenue Service
Income Revenue Service
6. Use the partial information given in this electronic W-2 form to fill in box 5.
$394.39
$890.39
$102,600
$94,600
6. Use the partial information given in this electronic W-2 form to fill in box 3.
$394.39
$890.39
$102,600
$94,600
1a. Jack’s employer just switched to a new payroll system. He wants to make sure that his net pay has been computed correctly. His gross pay per pay period is $587.34. He has the following deductions: Social Security tax (6.2%), Medicare tax (1.45%), federal withholding tax $164.45, state withholding tax $76.34, retirement insurance contribution $50.00, disability insurance fee $8.00, medical insurance fee $23.00, and dental insurance fee $8.00.
a. What should his net pay be for this pay period?
$315.23
$212.61
$374.92
$257.55
1b. Jack’s employer just switched to a new payroll system. He wants to make sure that his net pay has been computed correctly. His gross pay per pay period is $587.34. He has the following deductions: Social Security tax (6.2%), Medicare tax (1.45%), federal withholding tax $164.45, state withholding tax $76.34, retirement insurance contribution $50.00, disability insurance fee $8.00, medical insurance fee $23.00, and dental insurance fee $8.00.
b. What percentage of Jack's gross pay accounts for all of his deductions? Round to the nearest tenth of a percent?
63.8%
67.1%
62.5%
65.3%
2a. Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.
a. Tony’s gross pay (Need help. Look at chapter 5 notes)
$498.25
$469
$563.50
$552
2b. Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.
b. What is his Social Security deduction?
$34.94
$29.08
$30.89
$34.22
2c. Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.
c. What is his Medicare deduction?
$6.80
$8.00
$7.22
$8.17
2d. Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.
d. 25% is taken out in total for Federal and State taxes all together. How much does Tony have deducted for Federal/State taxes?
$130.19
$120.56
$150.79
$140.88
2e. Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.
e. What is Tony's net pay for this pay period?
$379.51
$392.67
$318.23
$332.17
3a. Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580.
a. Elizabeth is paid every other week. What is her biweekly gross pay?
$2,791.54
$6,048.33
$1,395.77
$3,024.17
3c. Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580.
c. What is Elizabeth’s annual Medicare deduction?
$2,821.57
$2,821.42
$1,052.53
$1,052.48
3d. Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580.
d. Each pay period, Elizabeth’s employer deducts 21% for federal withholding tax. What is the total amount withheld for federal tax from Elizabeth’s annual salary?
$10,984.63
$15,241.72
$15,241.18
$10,984.29
3e. Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580.
e. If Elizabeth is taxed at an annual rate of 2.875% for city tax, how much is deducted from her salary per paycheck to withhold that tax?
$40.13
$86.94
$80.26
$173.89
7. Examine Alfredo Plata’s incomplete W-2 form. Complete his W-2 by filling in Box 5.
$92,830.34
$86,250.34
$99,418.34
$90,530.34
7. Examine Alfredo Plata’s incomplete W-2 form. Complete his W-2 by filling in Box 1.
$92,830.34
$86,250.34
$99,418.34
$90,530.34
7. Examine Alfredo Plata’s incomplete W-2 form. Complete his W-2 by filling in Box 2.
$16,805.23
$20,983.91
$22,089.49
$18,112.57
8b. Sanjay is taxed at a 21% tax rate for his federal taxes. Last year, he reduced his taxable income by contributing $200 per biweekly paycheck to his tax deferred retirement account and $50 per biweekly paycheck to his FSA. His gross biweekly pay is $3,521.
b. What was his annual contribution to his retirement account and his FSA?
$4,500
$5,500
$6,500
$7,500
8d. Sanjay is taxed at a 21% tax rate for his federal taxes. Last year, he reduced his taxable income by contributing $200 per biweekly paycheck to his tax deferred retirement account and $50 per biweekly paycheck to his FSA. His gross biweekly pay is $3,521.
d. Calculate the amount of annual federal taxes based on his taxable income after these contributions have been made
$18,395.66
$17,859.66
$19,224.66
$16,502.66
