WorksheetsEven Personal Finance 2 Final
Total questions: 38
Worksheet time: 19mins
Name
Class
Date
1.
Which equation correctly calculates Medicare tax from gross pay of $4,200? (Current rate 1.45%)
a)
4,200* 0.0145 = 60.90
b)
4,200 * 0.062 = 260.40
c)
4,200 * 0.145 = 609.00
d)
4,200 *0.045 = 189.00
2.
Using the following pay stub information, which number sentence correctly calculates the total deductions?
a)
2,000×0.0145+2,000×0.062+2,000×0.12+2,000×0.05=29+124+240+100=493
b)
2,000 *(0.145 + 0.62 + 1.2 + 0.5) = 2,000 * 2.465 = 4,930
c)
2,000*(1.45 + 6.2 + 12 + 5) = 2,000* 24.65 = 49,300
d)
2,000 - (0.0145 + 0.062 + 0.12 + 0.05) = 2,000 - 0.2465 = 1,753.50
3.
Use the following Tax Table excerpt to find the tax for a married filing jointly taxpayer with taxable income of $71,525.
a)
$8,126
b)
$8,134
c)
$8,142
d)
$8,150
4.
Calculate the semi-monthly pay from an annual salary of $54,000:
a)
54,000 /12 = 4,500
b)
54,000 /26 = 2,076.92
c)
54,000/ 24 = 2,250
d)
54,000 /div 52 = 1,038.46
5.
Calculate total FICA tax (Social Security 6.2% + Medicare 1.45%) for bi-weekly gross pay of $2,400:
a)
2,400* 0.062 = 148.80
b)
2,400 * 0.145 = 348.00
c)
2,400 * 0.0765 = 183.60
d)
2,400 *0.0145 = 34.80
6.
Which scenario demonstrates proper financial record keeping?
a)
Keeping receipts in a shoebox without organization
b)
Taking photos of important tax documents only
c)
Maintaining digital and paper copies of all tax records
d)
Relying on bank statements alone for tax records
7.
Which equation correctly calculates overtime pay for 5 hours at a regular rate of $18/hour?
a)
5 * 18 = 90
b)
5 * (18 * 2) = 180
c)
5 * (18 *times 1.5) = 135
d)
5 *(18 + 18) = 180
8.
What's the primary purpose of Form W-4?
a)
To report annual income to the IRS
b)
To calculate Social Security benefits
c)
To determine tax withholding amounts
d)
To report self-employment income
9.
Which best describes an employee's pay stub year-to-date (YTD) information?
a)
Projected earnings for the upcoming year
b)
Current pay period earnings only
c)
Total earnings and deductions from January 1
d)
Last month's earnings and deductions
10.
Which equation correctly calculates Medicare tax from gross pay of $4,200? (Current rate 1.45%)
a)
4,200* 0.0145 = 60.90
b)
4,200 * 0.062 = 260.40
c)
4,200 * 0.145 = 609.00
d)
4,200 *0.045 = 189.00
11.
Using the following pay stub information, which number sentence correctly calculates the total deductions?
a)
2,000×0.0145+2,000×0.062+2,000×0.12+2,000×0.05=29+124+240+100=493
b)
2,000 *(0.145 + 0.62 + 1.2 + 0.5) = 2,000 * 2.465 = 4,930
c)
2,000*(1.45 + 6.2 + 12 + 5) = 2,000* 24.65 = 49,300
d)
2,000 - (0.0145 + 0.062 + 0.12 + 0.05) = 2,000 - 0.2465 = 1,753.50
12.
Use the following Tax Table excerpt to find the tax for a married filing jointly taxpayer with taxable income of $71,525.
a)
$8,126
b)
$8,134
c)
$8,142
d)
$8,150
13.
Calculate the semi-monthly pay from an annual salary of $54,000:
a)
54,000 /12 = 4,500
b)
54,000 /26 = 2,076.92
c)
54,000/ 24 = 2,250
d)
54,000 /div 52 = 1,038.46
14.
Calculate total FICA tax (Social Security 6.2% + Medicare 1.45%) for bi-weekly gross pay of $2,400:
a)
2,400* 0.062 = 148.80
b)
2,400 * 0.145 = 348.00
c)
2,400 * 0.0765 = 183.60
d)
2,400 *0.0145 = 34.80
15.
Which scenario demonstrates proper financial record keeping?
a)
Keeping receipts in a shoebox without organization
b)
Taking photos of important tax documents only
c)
Maintaining digital and paper copies of all tax records
d)
Relying on bank statements alone for tax records
16.
Which equation correctly calculates overtime pay for 5 hours at a regular rate of $18/hour?
a)
5 * 18 = 90
b)
5 * (18 * 2) = 180
c)
5 * (18 *times 1.5) = 135
d)
5 *(18 + 18) = 180
17.
What's the primary purpose of Form W-4?
a)
To report annual income to the IRS
b)
To calculate Social Security benefits
c)
To determine tax withholding amounts
d)
To report self-employment income
18.
Which best describes an employee's pay stub year-to-date (YTD) information?
a)
Projected earnings for the upcoming year
b)
Current pay period earnings only
c)
Total earnings and deductions from January 1
d)
Last month's earnings and deductions
19.
To find Alina's quarterly tax payment from her annual federal tax of $12,000, which equation should you use?
a)
$12,000 \times 4
b)
$12,000 \div 4
c)
$12,000 \div 12
d)
$12,000 \times 0.25
20.
To calculate Alina's Social Security tax (12.4%), which equation is correct?
a)
$44,000 * 0.124
b)
$44,000/12.4
c)
$44,000*12.4
d)
$44,000/ 0.124
21.
To calculate Alina's Medicare tax (2.9%), which equation should be used?
a)
$44,000 / 2.9
b)
$44,000 * 2.9
c)
$44,000 * 0.029
d)
$44,000 /0.029
22.
To calculate Alina's total self-employment tax (Social Security + Medicare), which equation works?
a)
$44,000*(0.124 + 0.029)
b)
$44,000 /(0.124 + 0.029)
c)
$44,000 *0.124 / 0.029
d)
$44,000 * (12.4 + 2.9)
23.
To calculate Tone's biweekly gross pay from his annual salary of $20,700, which equation is correct?
a)
$20,700 / 26
b)
$20,700 / 24
c)
$20,700 / 12
d)
$20,700 /52
24.
To calculate Tone's Medicare tax contribution (1.45% of gross pay), which equation is correct?
a)
biweekly pay * 0.0145
b)
biweekly pay *1.45
c)
biweekly pay 0.0145
d)
biweekly pay *0.145
25.
To find Tone's annual salary from his biweekly pay, which equation works?
a)
biweekly pay *12
b)
biweekly pay * 26
c)
biweekly pay * 24
d)
biweekly pay * 52
26.
To find Andrea's monthly gross pay from her annual salary of $31,200, which equation should you use?
a)
$31,200 *12
b)
$31,200 / 12
c)
$31,200 / 52
d)
$31,200 / 26
27.
To calculate Andrea's weekly pay from her annual salary, which equation is correct?
a)
$31,200 *52
b)
$31,200 / 52
c)
$31,200 /26
d)
$31,200 / 12
28.
To calculate Andrea's biweekly pay from her monthly salary, which equation should you use?
a)
monthly salary * 2
b)
monthly salary / 2.167
c)
monthly salary / 4
d)
monthly salary /div 2
29.
To find quarterly earnings from annual salary, which equation works?
a)
annual salary* 4
b)
annual salary / 4
c)
annual salary / 3
d)
annual salary * 0.25
30.
To calculate the amount of a pay increase, which equation is correct?
a)
current salary * percentage increase
b)
current salary / percentage increase
c)
current salary + percentage increase
d)
current salary - percentage increase
31.
To calculate semi-monthly pay from annual salary, which equation works?
a)
annual salary / 24
b)
annual salary / 26
c)
annual salary /12
d)
annual salary/ 52
32.
To find the hourly rate from annual salary (2080 hours), which equation is correct?
a)
annual salary / 2080
b)
annual salary /div 1920
c)
annual salary /div 2000
d)
annual salary * 2080
33.
To calculate overtime pay (1.5 times regular hourly rate), which equation is correct?
a)
hourly rate times 1.5 times overtime hours
b)
hourly rate divided 1.5 times overtime hours
c)
hourly rate + 1.5 times overtime hours
d)
hourly rate times overtime hours \div 1.5
34.
Which equation calculates Gross Pay before any deductions?
a)
hourly rate times hours worked + overtime pay
b)
net pay + deductions
c)
base pay - taxes
d)
take home pay times tax rate
35.
Which equation shows how Net Pay (take-home pay) is calculated?
a)
gross pay - all deductions
b)
gross pay times tax rate
c)
base pay + overtime
d)
gross pay divided pay period
36.
To calculate the total FICA deductions (Social Security 6.2% + Medicare 1.45%), which equation is used?
a)
gross pay times (0.062 + 0.0145)
b)
gross pay times (6.2 + 1.45)
c)
gross pay divided (0.062 + 0.0145)
d)
gross pay - (0.062 + 0.0145)
37.
If you have voluntary deductions (health insurance, retirement, etc.), how are they calculated in your net pay?
a)
gross pay - (taxes + voluntary deductions)
b)
gross pay times voluntary deductions
c)
net pay + voluntary deductions
d)
base pay divided voluntary deductions
38.
Which statement best describes the meaning of Year-To-Date (YTD) earnings shown on a paycheck?
a)
The cumulative total of all earnings from January 1st of the current year through the current pay period
b)
The predicted earnings for the entire calendar year
c)
The total earnings from the last 12 months of employment
d)
The earnings for the current month multiplied by months worked
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