Filters
Question type
Study Flashcards

Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed. -Drew Laughlin, attorney, earned $53,081.59


A) $6,582.12, $1,539.37
B) $3,291.06, $1,539.37
C) $3,291.06, $769.68
D) $6,482.12, $1,439.37

E) A) and B)
F) C) and D)

Correct Answer

verifed

verified

Solve the problem. -Suppose pumpkin pickers are paid as follows: Solve the problem. -Suppose pumpkin pickers are paid as follows: If Nicole picks 267 pumpkins, what are her gross earnings? A) $40.06 B) $48.06 C) $42.07 D) $37.38 If Nicole picks 267 pumpkins, what are her gross earnings?


A) $40.06
B) $48.06
C) $42.07
D) $37.38

E) A) and C)
F) A) and D)

Correct Answer

verifed

verified

Solve the problem. Use a FICA rate of 6.2%, a Medicare rate of 1.45%, and an SDI rate of 1%. Assume the person's earnings will not exceed $31,800 for the year. Round to the nearest cent if needed. -Kay McClain is paid 7% commission on sales. During a recent week, she had sales of $6,438.71 on Monday, $1,866.17 on Tuesday, and $1,952.16 on Thursday. Find her Social Security tax, Medicare Tax, and SDI deduction for the week.


A) $27.94, $6.54, $4.51
B) $36.04, $4.51, $5.81
C) $36.42, $8.52, $5.87
D) $44.52, $10.41, $7.18

E) A) and B)
F) All of the above

Correct Answer

verifed

verified

Solve the problem. -Allied Industries pays at the time-and-a-half rate for all time worked over 8 hours in any one day no matter how many hours are worked in a week. Ken Warner, an employee of Allied Industries, Makes $9.50 an hour as his regular rate of pay. Last week he worked 13 hours on Monday, 4 hours On Tuesday, and 8 hours on Friday. What were his gross earnings for the week?


A) $271.45
B) $262.95
C) $261.25
D) $259.45

E) B) and C)
F) All of the above

Correct Answer

verifed

verified

Solve the problem. -Nancy earns $12.25 per hour. One week she worked 39.75 hours. Find her gross pay for the week.


A) $487.04
B) $486.84
C) $486.94
D) $486.95

E) B) and C)
F) None of the above

Correct Answer

verifed

verified

Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed. -Frank Weller, surveyor, earned $25,118.67


A) $1,557.36, $728.44
B) $1,557.36, $364.22
C) $3,014.72, $628.44
D) $3,114.72, $728.44

E) None of the above
F) All of the above

Correct Answer

verifed

verified

Find the Social Security and Medicare taxes on the gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. -$530.00


A) $33.86, $8.69
B) $32.86, $7.69
C) $3.29, $0.77
D) $328.60, $76.90

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

B

Find the Social Security and Medicare taxes on the gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. -$411.30


A) $255.00, $59.60
B) $2.55, $0.60
C) $26.50, $6.96
D) $25.50, $5.96

E) A) and C)
F) A) and D)

Correct Answer

verifed

verified

D

Find the Social Security and Medicare taxes on the gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. -$1,494.29


A) $93.65, $22.67
B) $926.50, $216.70
C) $9.27, $2.17
D) $92.65, $21.67

E) B) and D)
F) A) and B)

Correct Answer

verifed

verified

Find the equivalent earnings. -Chuck earns $387 a week, but is paid semimonthly. How much is he paid at the end of a pay period?


A) $838.50
B) $774.00
C) $20,124.00
D) $1,677.00

E) A) and D)
F) All of the above

Correct Answer

verifed

verified

A

Find the gross earnings for the employee. -Westinghouse Paving pays its salespeople the following commissions. Find the gross earnings for the employee. -Westinghouse Paving pays its salespeople the following commissions. A) $879.75 B) $1,772.25 C) $1,483.25 D) $87,975.00 Find the gross earnings for the employee. -Westinghouse Paving pays its salespeople the following commissions. A) $879.75 B) $1,772.25 C) $1,483.25 D) $87,975.00


A) $879.75
B) $1,772.25
C) $1,483.25
D) $87,975.00

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Find the Social Security tax (6.2%) , Medicare tax (1.45%) , and state disability insurance deduction (1%) for the employee. Assume the employee is under the FICA and SDI maximums at the end of the current pay period and assume that time-and-a-half is paid for any overtime in a 40-hour week. Round to the nearest cent if needed. -Find the Social Security tax (6.2%) , Medicare tax (1.45%) , and state disability insurance deduction (1%) for the employee. Assume the employee is under the FICA and SDI maximums at the end of the current pay period and assume that time-and-a-half is paid for any overtime in a 40-hour week. Round to the nearest cent if needed. - A) $23.27, $5.44, $3.75 B) $19.59, $4.58, $3.16 C) $22.04, $5.15, $3.56 D) $33.06, $7.73, $5.33


A) $23.27, $5.44, $3.75
B) $19.59, $4.58, $3.16
C) $22.04, $5.15, $3.56
D) $33.06, $7.73, $5.33

E) A) and B)
F) B) and D)

Correct Answer

verifed

verified

Solve the problem. Use a FICA rate of 6.2%, a Medicare rate of 1.45%, and an SDI rate of 1%. Assume the person's earnings will not exceed $31,800 for the year. Round to the nearest cent if needed. -Bill Fox is paid 7% commission on sales. During a recent week, he had sales of $11,691.49 and allowances of $1,808. Find his Social Security tax, Medicare tax, and SDI deduction for the week.


A) $42.89, $10.03, $6.92
B) $58.59, $8.18, $9.45
C) $50.74, $11.87, $8.18
D) $42.46, $9.93, $6.85

E) All of the above
F) A) and B)

Correct Answer

verifed

verified

Use the percentage method of withholding to find the federal withholding tax, a 6.2% FICA rate to find the FICA tax, and 1.45% to find the Medicare tax. Then find the net pay for the employee. Assume that the employee has not earned over $115,000 so far this year. Use the percentage method of withholding to find the federal withholding tax, a 6.2% FICA rate to find the FICA tax, and 1.45% to find the Medicare tax. Then find the net pay for the employee. Assume that the employee has not earned over $115,000 so far this year. -Thomas McKnight has gross earnings of $22,012.15 monthly. He is married and has 8 withholding allowances. A) $24,608.96 B) $17,731.41 C) $16,047.48 D) $20,328.22 Use the percentage method of withholding to find the federal withholding tax, a 6.2% FICA rate to find the FICA tax, and 1.45% to find the Medicare tax. Then find the net pay for the employee. Assume that the employee has not earned over $115,000 so far this year. -Thomas McKnight has gross earnings of $22,012.15 monthly. He is married and has 8 withholding allowances. A) $24,608.96 B) $17,731.41 C) $16,047.48 D) $20,328.22 -Thomas McKnight has gross earnings of $22,012.15 monthly. He is married and has 8 withholding allowances.


A) $24,608.96
B) $17,731.41
C) $16,047.48
D) $20,328.22

E) A) and B)
F) All of the above

Correct Answer

verifed

verified

Find the hours, rate, or earnings as specified. -Find the hours, rate, or earnings as specified. - Find the number of regular hours, overtime hours (over 40) , and the overtime rate (time and a half) . A) 28, 0, $16.36 B) 15, 13, $16.36 C) 28, 0, $12.27 D) 20, 8, $12.27 Find the number of regular hours, overtime hours (over 40) , and the overtime rate (time and a half) .


A) 28, 0, $16.36
B) 15, 13, $16.36
C) 28, 0, $12.27
D) 20, 8, $12.27

E) None of the above
F) A) and B)

Correct Answer

verifed

verified

Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a state withholding tax of 3.4%. One withholding allowance is $73.08 when paid weekly. Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a state withholding tax of 3.4%. One withholding allowance is $73.08 when paid weekly. -Charles Nave, bank teller, has weekly earnings of $610. He is married and claims 3 withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, State withholding, and credit union savings of $50. Find his net pay. A) $513.21 B) $425.49 C) $463.21 D) $453.51 -Charles Nave, bank teller, has weekly earnings of $610. He is married and claims 3 withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, State withholding, and credit union savings of $50. Find his net pay.


A) $513.21
B) $425.49
C) $463.21
D) $453.51

E) B) and C)
F) None of the above

Correct Answer

verifed

verified

Solve the problem. -An entomologist pays Fred $0.15 for each butterfly he brings in. Find Fred's gross earnings if he brings in 75 butterflies.


A) $12.45
B) $75.15
C) $10.05
D) $11.25

E) A) and B)
F) B) and D)

Correct Answer

verifed

verified

Find the Social Security tax (6.2%) , Medicare tax (1.45%) , and state disability insurance deduction (1%) for the employee. Assume the employee is under the FICA and SDI maximums at the end of the current pay period and assume that time-and-a-half is paid for any overtime in a 40-hour week. Round to the nearest cent if needed. -Find the Social Security tax (6.2%) , Medicare tax (1.45%) , and state disability insurance deduction (1%) for the employee. Assume the employee is under the FICA and SDI maximums at the end of the current pay period and assume that time-and-a-half is paid for any overtime in a 40-hour week. Round to the nearest cent if needed. - A) $21.01, $4.91, $3.39 B) $31.52, $7.37, $5.08 C) $22.34, $5.23, $3.60 D) $18.35, $4.29, $2.96


A) $21.01, $4.91, $3.39
B) $31.52, $7.37, $5.08
C) $22.34, $5.23, $3.60
D) $18.35, $4.29, $2.96

E) B) and C)
F) A) and D)

Correct Answer

verifed

verified

Solve the problem. -Jennifer Jones is an employee of Acme Manufacturing Company. She has an 8-hr workday and each day is paid $0.75 for each unit produced or the hourly rate, whichever is greater. Her hourly Rate is $8.40 per hour. Last week she produced 93 units on Monday, 107 units on Tuesday, 80 units On Wednesday, 86 units on Thursday, and 103 units on Friday. What were her gross earnings for The week?


A) $351.65
B) $357.65
C) $361.65
D) $370.45

E) A) and B)
F) A) and C)

Correct Answer

verifed

verified

Solve the problem. -Kathy's regular hourly rate is $10.56 per hour. She is paid time-and-a-half for overtime work. What is Kathy's overtime rate?


A) $15.84
B) $12.06
C) $5.28
D) $12.67

E) B) and D)
F) A) and C)

Correct Answer

verifed

verified

Showing 1 - 20 of 106

Related Exams

Exam 1

Whole Numbers and Decimals

210 Questions

Exam 2

Fractions

143 Questions

Exam 3

Percents

109 Questions

Exam 4

Equations and Formulas

142 Questions

Exam 5

Bank Services

32 Questions

Exam 7

Mathematics of Buying

85 Questions

Exam 8

Mathematics of Selling

75 Questions

Exam 9

Simple Interest

114 Questions

Exam 10

Compound Interest and Inflation

52 Questions

Exam 11

Annuities, Stocks, and Bonds

73 Questions

Exam 12

Business and Consumer Loans

121 Questions

Exam 13

Taxes and Insurance

115 Questions

Exam 14

Depreciation

82 Questions

Exam 15

Financial Statements and Ratios

54 Questions

Exam 16

Budgeting and Business Statistics

87 Questions

Show Answer