Federal Income Tax
State Income Tax
Social Security and Medicare Taxes
Group Health Insurance
Statement of Earnings
100
This is an acronym used for federal income tax.
What is FIC?
100
Your taxable wages depends on this.
What is personal exemptions?
100
What is the acronym used in this class for Social Security?
What is FICA?
100
The formula to calculate the employee's share of group health insurance.
What is employee's share = annual amount x employee's percent?
100
Definition of net pay.
What is the amount you have left after all tax withholdings and personal deductions have been subtracted?
200
The number of allowances that you may claim for yourself.
What is 1?
200
This is the formula to calculate taxable wages.
What is taxable wages = annual gross pay - personal exemptions?
200

Irene earns $45,440 a year as a basketball coach and receives her pay on a semi monthly basis. Her gross pay to date totals $11,200. How much is deducted from her paycheck for (a)Social security and (b) Medicare ?

What is $117.39 and $27.45?

200
Formula to calculate deduction per pay period.
What is deduction per pay period = total annual amount paid by employee / number of pay periods per year?
200
Formula to calculate net pay.
What is net pay = gross pay - deductions?
300
These are additional people you may claim allowances for.
What is dependents/others you support?
300
This is the formula to calculate annual tax withheld.
What is annual tax withheld = taxable wages x tax rate?
300
This is what the FICA requires.
What is employers to deduct 7.65 percent of your income for Social Security and Medicare taxes?
300
Definition of employee and employer.
What is employee is the worker and the employer is who you work for?
300
5 examples of possible deductions.
What is FIC, FICA, Medicare, medical, union dues, retirement plan, child support, etc?
400
If the federal income tax is 7.3% this is the amount you pay if your weekly gross income is $567.34.
What is $41.42?
400

Yeni earns $36,200 annually. She is married and supports 2 children. The state tax rate in her state is 4.25%. What is her biweekly state tax?

What is $1198.50

400
Your Social Security taxes if the tax rate is 6.2% and you make $864.53?
What is $53.60?
400
Calculate total employee group health insurance cost of the annual cost is $4,325 and the employee pays 75% of the cost.
What is $1,081.25?
400
Calculate net pay when you make $76,345 and you pay $345 for FIT, $125 for FICA, $35.67 for Medicare, $25.67 for medical, $35 for union.
What is $75,778.66?
500
With the federal income tax rate at 7.3% and you make an annual gross salary of $76,329.00 how much is taken out of your WEEKLY pay check for federal taxes.
What is $107.15?
500
Find the annual tax withheld if you your taxable wages are $44,382.00 and the tax rate is 5.2%.
What is $2307.86?
500
Your Social Security and Medicare tax if you make $35,665 and Social Security tax is 6.2% and Medicare is 1.45%.
What is Social Security = $2211.23, Medicare = $517.14, total = $2728.37?
500
Calculate deduction per pay period if you are paid weekly, total group health insurance costs $5,237 and your employer pays 65% of the cost.
What is $35.25?
500
Using the book find the net pay to question #32 on page 138.
What is $246.87?
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