Deduct. from gross pay
After all deductions are subtracted from total wages, or gross pay, and amount remains that is called..
Net pay
The amount left after subtracting adjustments to income from gross income is...
Adjusted gross income
A tax in which the rate does not vary with the amount of income is...
flat tax rate
Things of value provided by employers in addition to wages are...
employee benefit
Some employers offer employees the opportunity to participate in a Section 125 plan. These plans are often nicknamed...
cafeteria plans
An amount subtracted from gross pay is called a...
deduction
an exemption
A tax rate that gets higher as taxable income gets larger is called...
a graduated income tax rate
Gross Pay + Employee Benefits = ....
Employers may offer employees a _______ if they have worked for the employer for a length of time or if they are good workers.
Raise
Christy is a married worker earning $612.83 each week. She claims 3 withholding allowances. What amount should be deducted from her weekly earnings for federal withholding taxes?
$26
Fred earned gross income of 45,600 last year. He made payments into an approved retirement plan of $3,600. What was his adjusted gross income last year?
$42,000
Bill has taxable income of $26,600. He pays a city income tax of 2% on taxable income. What is Bill's city tax?
$532
Jon earns a gross pay of $44,500. His employee benefits are 18% of his gross pay. What are his total job benefits?
$52,510
Joe earns $2,500 per month. Out of those wages, $266 in federal income taxes, $191.25 in FICA taxes, $100 in state income taxes, and $125 in health insurance premiums were deducted. Find the percentage of gross pay that Joe takes home, to the nearest percent.
73%
Ron earns $450 in gross wages. How much is deducted from Ron's gross wages for Social Security at 6.2% and Medicare at 1.45%? (2 answers)
$27.90; $6.53
$29,050
Alan has federal taxable income of $31,500. he pays a state income tax rate of 3.5% on his federal taxable income Find his state income tax.
$1,102.50
Shirley earns $20.50 per hour, working 40 hours a week, 50 weeks a year. Her employee benefits include $1,200 per year for insurance and $500 per year for free parking. Her expenses include $325 for dues and $1,300 for commuting. What are her net job benefits?
$41,075
Maggie earns $350 a week. She is given a 7% raise. She is a single tax payer who claims one withholding allowance. Federal, FICA, and a 4% state income tax are withheld from her wages. What is the increase in her gross wages? How much does her net pay increase per week with her raise? (two answers)
$24.50; $18.65
Medina is paid $556 a week. Her employer deducts $56 for federal withholding tax, $54.78 for insurance, 6.2% for Social Security taxes, and 1.45% for Medicare taxes. For the week, what are her Social Security taxes, Medicare taxes, total deductions, and net pay? (4 answers)
$34.47; $8.06; $153.31; $402.69
Ben is single, has taxable income of $23,500, and his employer deducted $3,640 in withholding taxes Find Ben's tax due AND any refund or amount owed (state which). (two answers)
$3,138; $502 refund
$1,894
Ursala had the following job expenses for last year: union dues, $388; licenses $109; commuting costs, $1,478. Her total job benefits for the same period were $39,256. Find her net job benefits.
$37,281
Joe's weekly wages are $585. He has federal withholding, FICA, and $125 for health insurance deducted from his check. He is married and claims 2 withholding allowances. How much will he save in taxes if he has his health insurance deducted before taxes?
$21.56