employee benefits all

MaryLiz claims single having no exemptions. Her state tax deduction is 18% of her federal tax contribution. Calculate the amount of state tax MaryLiz owes if her gross pay for two weeks is $800. The following federal tax table is for biweekly earnings of a single person.

b

Earned income and capital gains (or "portfolio income") are acquired in different ways. Which statement describes how they are different?

b) Earned income is payment for employment, while capital gains are produced by your investments.

The table below shows the typical hours worked by employees at a company. A salaried employee makes $50,000 per year. Hourly employees get paid $20 per hour, but get $30 per hour for each hour over 40 hours. Which of the payment options would you recommend to a new employee?

b) Hourly pay. Hourly employees make more per week than salaried employees

Chuck has a gross pay of $815.70. By how much will Chuck's gross pay be reduced if he has the following items withheld? federal tax of $56 Social Security tax that is 6.2% of his gross pay Medicare tax that is 1.45% of his gross pay state tax that is 19% of his federal tax a. $73.04 b. $129.04 c. $235.51 d. $273.38

b. $129.04

The total amount of deductions from an employee's gross pay is $83.20. If the gross pay is $378.18, what percent of their gross pay is being withheld? a. 21% b. 22% c. 23% d. 24%

b. 22%

Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim? a. 3 b. 4 c. 5 d. 6

b. 4

Which of the following would affect an employee's net pay? a. Opting out of their employer's dental insurance plan and putting the money saved into their employer's health insurance plan b. Claiming a different number of dependents and thereby reducing their income tax withholdings c. Getting a raise and putting the extra money into a 401(k) plan d. Receiving a bonus in the form of extra vacation days

b. Claiming a different number of dependents and thereby reducing their income tax withholdings

Keeping federal withholding allowances less than 6, in which of the following cases will the amount of federal tax withheld from gross pay increase? a. Gross pay stays the same and withholding allowances increase. b. Gross pay increases by >$20 and withholding allowances stay the same. c. Gross pay increases by >$20 and withholding allowances increase. d. Gross pay decreases by >$20 and withholding allowances stay the same.

b. Gross pay increases by >$20 and withholding allowances stay the same.

Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay.

c

Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim?

c

The total amount of deductions from an employee's gross pay is $97.45. If the gross pay is $423.70, what percent of their gross pay is being withheld?

c

The table below shows the typical hours worked by employees at a company. A salaried employee makes $67,000 per year. Hourly employees get paid $25 per hour, but get $37.50 per hour for each hour over 40 hours. Which of the payment options would you recommend to a new employee?

c) Salaried pay. Salaried employees make more per week than hourly employees.

Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay. a. $6.49 b. $8.38 c. $64.93 d. $83.78

c. $64.93

Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn's net pay will be affected if she increases her federal withholding allowances from 3 to 4. a. Her net pay will increase by $15.00. b. Her net pay will decrease by $15.00. c. Her net pay will increase by $18.15. d. Her net pay will decrease by $18.15.

c. Her net pay will increase by $18.15.

Trevor restores antique cars and sells them for profit. This is an example of _____ income.

capital gains

Which of the following companies offers the greatest total employment compensation? ]Company A Gross pay $38,200 Insurance $3,500 Paid time off $4,100

company D

which of the following companies offers the greatest total employment compensation? Gross Pay $37,600 $36,800 $38,100 $39,000 Paid insurance $2,800 $2,400 $2,100 $1,800 Paid time off $3,100 $3,600 $2,900 $2,500 Job expenses $1,200 $600 $300 $800

company c

Determine how Luis' net pay will be affected if he increases his federal withholding allowances from 2 to 3.

d

How will the federal tax affect a gross biweekly pay of $740 for a single person claiming 1 exemption?

d

Last year Frank had a total income of $58,800. He sold a house and made a profit of $27,940. He also had monthly income of $80 from investments. Assuming Frank works 25 hours per week and 52 weeks per year as an hourly employee, how much more an hour would Frank had to have earned last year in order to have a total income of $59,970?

d) $0.90

Scott earns $16.85 per hour at his job. He works 7 hours per day, 4 days per week. What is Scott's gross monthly income for 4 weeks?

d) $1,887.20

Last year Lenny had an annual earned income of $58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Lenny's total gross income for the year?

d) $62,080

Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income.

d) passive

Use the tax table to help answer the following question. Luce is single and making $763 biweekly. She claims no federal withholding allowances. If the state tax is 19% of the federal tax, how much in state tax does Luce contribute? a. $12.92 b. $15.13 c. $15.77 d. $16.34

d. $16.34

Marquis has a gross pay of $816. By how much will his gross pay be reduced if Marquis has the following items withheld? federal tax of $92 Social Security tax that is 6.2% of his gross pay Medicare tax that is 1.45% of his gross pay state tax that is 22% of his federal tax a. $82.66 b. $129.13 c. $164.01 d. $174.66

d. $174.66

Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay State tax that is 22% of her federal tax a. $691.52 b. $666.21 c. $636.98 d. $623.52

d. $623.52

A statement of an employee's biweekly earnings is given below. Earnings Deductions Week Ended Regular FED. SOC. MED STATE WITH. WITH. CARE. WITH. NET PAY 9/10 $_____ $98.00 $52.88 $12.37 $22.54 $667.17 What is the employee's gross pay? a. $818.05 b. $830.42 c. $840.59 d. $852.96

d. $852.96

What is the employee's gross pay?

d. $726.80

Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income.

earned

The table below shows the earnings, in thousands of dollars, for three different commissioned employees Which employee did not have the same dollar amount in sales for the month of February as the other two employees?

employee #1

Employee benefits ______.

increase total employment compensation

If gross pay increases by $500, total employee benefits increase by $200 and total job expenses decrease by $300, then total employment compensation _____.

increases by $1,000

If gross pay increases by $500, total employee benefits increase by $200 and total job expenses decrease by $300, then total employment compensation _____.

increases by 1000

Which of the following is the best thing to consider when making comparisons between job offers?

total employment compensation

Which of the following is always a true statement?

total job benefits - total job expenses = total employment compensation

Kai had a gross weekly paycheck of $616 last week. Kai worked 6 hours for 4 of the days and 8 hours on 1 day. What is Kai's hourly rate of pay?

$19.25

Ryan works at the car wash making $5.30 per hour plus tips. Last week Ryan worked 32 hours and earned $403. How much in tips did Ryan make last week?

$233.40

Pete earns graduated commission on his sales each month. He earns 7% commission on the first $35,000 in sales and 9% on anything over that. If Pete had $43,000 in sales this month, how much commission did he earn?

$3,170

Brendon had total job benefits of $39,500 last year. He was required to wear a shirt with the company logo on it for work that he was responsible for buying. Brendon purchased 12 shirts for work during the year at a cost of $23.95 each. He was also required to attend a training at a cost to him of $135. What was Brendon's total employment compensation last year?

$39,077.60

KaiLynn has total job benefits of $41,000 per year in her sales job. She pays $63 each month for a cell phone for work. She is also required to purchase samples kits which cost $235 each. If KaiLynn paid for 4 samples kits last year, what was her total employment compensation?

$39,304

Ruby has a monthly salary of $1,800 and also earns 6% commission on her sales. If Ruby had $37,000 in sales last month, what were her total earnings for the month?

$4,020

Max has a monthly salary of $1,100 and also earns 7.5% commission on his sales. If Max had $43,000 in sales last month, what were his total earnings for the month?

$4,325

Shaquil receives total employee benefits that are 13.5% of his gross annual pay. If Shaquil has a gross annual pay of $40,000, how much in total employee benefits does he receive?

$5,400.00

Tamara earns her living as a salary plus commission employee. Her annual salary is $48,000, and she earns 4% commission on all sales she makes. If Tamara wants to make a total of $6,000 this month, how much in sales does she need to have?

$50,000

Miguel's employer pays $1,825 in health insurance and $93 in life insurance per year. He also gets $2,860 in paid time off per year. His monthly gross pay is $3,890. What are Migual's total job benefits per year?

$51,458

An employee has an annual salary of $48,700. They receive $1,530 in health insurance and $2,810 in paid time off per year. They drive their personal vehicle for work which costs them $500 per month, but the company reimburses them $0.53 per mile for the total work miles driven. If the employee drives 9,000 miles for work for the year, what will be their total employment compensation?

$51,810

Leroy's total employee compensation was $50,150 last year. His total job expenses for traveling and for professional developement for the year were $3,500. Which of the following represents his total job benefits

$53,650

Leroy's total employee compensation was $50,150 last year. His total job expenses for traveling and for professional developement for the year were $3,500. Which of the following represents his total job benefits?

$53,650

Lakisha's employer pays $2,150 in health insurance and $86 in life insurance per year. She also gets $3,520 in paid time off per year. Her monthly gross pay is $4,370. What are Lakisha's total job benefits per year?

$58,196

Raquel has gross pay of $732 and federal tax withholdings of $62. Determine Raquel's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax

$600.99

Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay.

$64.93

Marisol receives total employee benefits that are 14.5% of her gross annual pay. If Marisol has a gross annual pay of $50,000, how much in total employee benefits does she receive?

$7,250

Bob gets paid an annual salary of $30,000 and earns 5% commission on all sales he makes. If Bob wants to make $6,000 this month, how much in sales does he need to have?

$70,000

An employee has an annual salary of $51,300. They receive $2,830 in health insurance and $4,600 in paid time off per year. They drive their personal vehicle for work which costs them $600 per month, but the company reimburses them $0.54 per mile for the total work miles driven. If the employee drives 36,000 miles for work for the year, what will be their total employment

$70,970

An employee has an annual salary of $51,300. They receive $2,830 in health insurance and $4,600 in paid time off per year. They drive their personal vehicle for work which costs them $600 per month, but the company reimburses them $0.54 per mile for the total work miles driven. If the employee drives 36,000 miles for work for the year, what will be their total employment compensation?

$70,970

A statement of an employee's biweekly earnings is given below. Earnings Deductions Week Ended Regular FED. SOC. MED STATE WITH. WITH. CARE. WITH. NET PAY 8/18 $_____ $62.00 $45.06 $10.54 $12.40 $596.80 What is the employee's gross pay?

$726.80

Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay.

$75.37

Casey has a job doing valet parking. Casey makes an hourly rate of $4.55 per hour plus tips. Last week Casey worked 26 hours and made $898.55. How much in tips did Casey earn last week?

$780.25

Mr. Gonzalez earns his living as a salary plus commission employee. His annual salary is $18,000. He makes 4% commission on all of his sales. Mr. Gonzalez wants to earn $60,000 this year. If his earnings are divided evenly throughout the year, how much in monthly sales would Mr. Gonzalez need to have?

$87,500

A graduated commission employee makes 3.5% interest on the first $50,000 in sales and 6.5% interest on all sales over $50,000. Which of the following expressions represents the employee's total earnings on $81,500 in sales?

(0.035)(50,000) + (0.065)(31,500)

Which of the following expressions represents the total earnings of a commissioned employee earning 9.5% commission with sales of $8,540?

(0.095)(8,540)

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Who had the largest dollar amount in sales for the month of December? January?

- They each had the same dollar amount in sales. - NOT - The salary plus commission employee.

Trevor's total employment compensation is $33,500. If Trevor has no job expenses and his gross pay is $28,600, then his total employee benefits are _____% of his gross pay.

17.1

Hank is a salaried plus commission employee. Hank has a monthly salary of $2,500 and earns 5.5% commission on all sales. Which of the following expressions represents Hank's total earnings in one month if he has $6,300 in sales?

2,500 + (0.055)(6,300)

Use the following federal tax table for biweekly gross earnings of a single person to help answer the question below. Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim?

3

Erica sells magazine subscriptions and makes a flat rate of $5.35 for each subscription she sells. If Erica made $42.80 on Monday, $64.20 on Tuesday and $74.90 on Wednesday, how many subscriptions did she sell in the three days?

34

Marisol receives total employee benefits that are 14.5% of her gross annual pay. If Marisol has a gross annual pay of $50,000, how much in total employee benefits does she receive?

7250

An employee makes an hourly rate plus any tips they earn. This tip employee made a total of $400 by working 28 hours last week. If $253 of their total earnings was their tips, what is their hourly rate of pay? a. $5.25 b. $5.61 c. $8.82 d. $9.04

A.

The earnings of two employees are given below: Employee A: 6% commission on all sales Employee B: 4% commission on the first $80,000 and 8% on anything over $80,000 How much more does a straight commission employee make than the graduated commission employee for sales of $100,000? a. $1,200 b. $1,600 c. $2,000 d. $3,200

A.

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Which employee did not have the same dollar amount in sales for the month of February as the other two employees? a. Employee #1. b. Employee #2 c. Employee #3 d. They each had the same dollar amount in sales.

A.

Tamara earns her living as a salary plus commission employee. Her annual salary is $48,000, and she earns 4% commission on all sales she makes. If Tamara wants to make a total of $6,000 this month, how much in sales does she need to have? a. $30,000 b. $50,000 c. $100,000 d. $150,000

B.

Erica sells magazine subscriptions and makes a flat rate of $5.35 for each subscription she sells. If Erica made $42.80 on Monday, $64.20 on Tuesday and $74.90 on Wednesday, how many subscriptions did she sell in the three days? a. 32 b. 33 c. 34 d. 35

C.

Max has a monthly salary of $1,100 and also earns 7.5% commission on his sales. If Max had $43,000 in sales last month, what were his total earnings for the month? a. $3,225 b. $4,050 c. $4,325 d. $5,150

C.

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Who had the largest dollar amount in sales for the month of January? a. The salary plus commission employee. b. The straight commission employee. c. The graduated commission employee. d. They each had the same dollar amount in sales.

C.

Which of the following companies offers the greatest total employment compensation? Company A Company B Company C Company D Gross Pay $37,600 $36,800 $38,100 $39,000 Paid insurance $2,800 $2,400 $2,100 $1,800 Paid time off $3,100 $3,600 $2,900 $2,500 Job expenses $1,200 $600 $300 $800

Company C

Which of the following companies offers the greatest total employment compensation? Company A Company B Company C Company D Gross Pay $41,600 $40,800 $41,300 $42,000 Paid insurance $1,800 $2,400 $2,000 $2,100 Paid time off $3,700 $3,100 $2,800 $2,900 Job expenses $2,000 $1,800 $800 $2,500

Company C

Athena priced each of her art pieces at the same price and displayed them for sale in two different art shows. She made $495.80 from the first art show and $371.85 from the second show. If Athena sold 7 pieces of art, what price did each piece sell for? a. $109.52 b. $109.66 c. $123.81 d. $123.95

D.

Casey has a job doing valet parking. Casey makes an hourly rate of $4.55 per hour plus tips. Last week Casey worked 26 hours and made $898.55. How much in tips did Casey earn last week? a. $34.56 b. $118.30 c. $157.25 d. $780.25

D.

Choose the method of pay that would result in the most earnings for one month on sales of $60,000. a. Straight commission of 6% on all sales. b. Monthly salary of $1,500 plus 3% commission on all sales. c. Graduated commission of 4% on the first $50,000 in sales and 10% on anything over that. d. Graduated commission of 5% on the first $40,000 in sales and 9% on anything over that.

D.

If total employee benefits are calculated as a percentage of their gross pay, which of the following employees receives the largest percentage of their gross pay in employee benefits?

Employee B: gross pay $32,900 , total job benefits $34,000

Which of the following employees has the greatest total employee compensation?

Employee B: total job benefits $68,400 and total job expenses $300

Which of the following employees has the largest gross pay?

Employee C: Total employee benefits $1,000 Total job benefits $51,900

Which of the following employees has the greatest total employee compensation?

Employee D: total job benefits $50,100 and total job expenses $900

Choose the method of pay that would result in the most earnings for one month on sales of $60,000.

Graduated commission of 5% on the first $40,000 in sales and 9% on anything over that.

Luis has a biweekly gross pay of $770 and claims 2 federal withholding allowances. Luis has all of the following deductions from his gross pay: federal tax from the following table Social Security tax that is 6.2% of his gross pay Medicare tax that is 1.45% of his gross pay state tax that is 19% of his federal tax Determine how Luis' net pay will be affected if he increases his federal withholding allowances from 2 to 3.

His net pay will increase by $22.61.

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig's gross pay and total employee benefits?

His total employee benefits are 12.5% of his annual gross pay of $64,000.

Choose the method of pay that would result in the most earnings for one month on sales of $73,620

Monthly salary of $3,000 plus 2% commission on all sales.

The earnings of two employees are given below: Employee A: 6% commission on all sales Employee B: 4% commission on the first $80,000 and 8% on anything over $80,000 How much more does a straight commission employee make than the graduated commission employee for sales of $100,000?

NOT - $1,600

Sally earns graduated commission on her sales each month. She earns 6% commission on the first $45,000 in sales and 8% on anything over that. If Sally had $51,000 in sales this month, how much commission did she earn?

NOT - $4,080

Choose the method of pay that would result in the most earnings for one month on sales of $40,000.

Straight commission of 7.5% on all sales.

Which of these is an example of an employer using benefits to encourage employees to stay with the company?

The employer offers stock options, which require the employee to work for a specific amount of time before they vest.

Jennifer earns $17.35 per hour at her job. She works 6 hours per day, 5 days per week. What is Jennifer's gross income for a 2 week pay period?

$1,041.00

Athena priced each of her art pieces at the same price and displayed them for sale in two different art shows. She made $495.80 from the first art show and $371.85 from the second show. If Athena sold 7 pieces of art, what price did each piece sell for?

$123.95

The gross pay, benefits and job expenses for two different employees are shown below. Employee A: gross pay $57,200, employee benefits $5,300, job expenses $800 Employee B: gross pay $56,900, employee benefits $6,200, job expenses $1,400 Which of the following is a true statement?

The total employment compensations for the two employees are the same.

Which of the following statements is always true?

Workers being paid on commission get paid based solely on their performance..

Jasmine has a gross pay of $754.80. By how much will Jasmine's gross pay be reduced if she has the following items withheld? federal tax of $31 Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 18% of her federal tax

a

Raquel has gross pay of $732 and federal tax withholdings of $62. Determine Raquel's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax

a

Miguel paid a total of $12,000 for stock that was $8 per share. If he sold all his shares for $15,000, how much profit on each share did he make?

a) $2

Loretta's income last year was $81,300. She made $56,800 at her salaried job and had additional passive income. If Loretta earned the same amount of passive income each month for the entire year, approximately how much per month was it?

a) $2,040

Byron is a wealthy tycoon who makes his money buying and selling stocks. This is an example of _____ income.

a) capital gains

Chloe receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is 6.2% of gross pay, Medicare tax is 1.45% of gross pay and state tax is 23% of federal tax, determine if Chloe's net pay is correct. Choose the true statement below. a. The net pay is correct. b. The Social Security tax is not correct. c. The Medicare tax is not correct. d. The state tax is not correct.

a. The net pay is correct.