Commission
What is a commission?
A service fee charged by a broker or a financial professional for the facilitation of a financial asset's purchase or sale.
I make $7.25 an hour and work 10 hours, how much do I make?
$72.50
What is the average overtime multiplier?
1.5 x your normal pay.
What is a W-2 Form?
A W-2 form is used by employers to report an employees annual wage and the taxes withheld.
These types of taxes take a larger share of income as the amount of Income grows. Federal Income Tax is an example.
Progressive Taxes.
If I make $7.50 per hour and receive a 27% commission. How much money do I make if for selling $7,000 in 24 hours?
Commission= total sales revenue x commission rate
My rate is $8.00 an hour and I work 15 hours. I have 35.65 deducted from my check. What is my net pay?
$84.35
Is there a limit of overtime hours?
No, there is not.
How often are W-2 forms provided to employees?
Once every year.
These types of taxes take a smaller share of income as the amount of income grows. Sales tax is an example.
Regressive Taxes.
I make $8.90 per half hour with 14% commission. I sell $2,000 worth of furniture. How much do I make in 12 hours?
$493.60
My rate is $15 and I work 40 hours. I have $123.45 deducted. What is my net pay?
$476.55
What age can people start working overtime?
At age 16 people can start working overtime.
When you get a new job you fill out form _____, which tells your employer how many __________ you are claiming and lets them know how much to withhold from each paycheck.
W-4, Allowances
What form do you use to file your taxes?
Form 1040 (Or 1040-EZ)
Holly makes 39% commission and she sells $5,000 worth of clothes. How much commission does she make?
$1,950
My rate is $21.63 and I work 40 hours. $176.98 is deducted out of my account. What is my net pay?
$688.22
Does every job pay overtime?
No.
What is a W-4 form?
A W-4 form is a form you complete so your employer can withhold the correct federal income tax from your pay.
On a local level, taxes provide services such as... (name 2 of the 6)
Education, Parks, Roads, and Police Fire, and Health Departments.
Richard makes $19.50 per hour and Noah makes $19.75 per hour. Richard gets 25% commission and Noah gets 23.5% commission. They both sell $15,000 worth of products. Who makes more?
Richard makes more.
What is 7.65% FICA?
The percentage an employee is taxed off their total earnings to pay for their Social Security and Medicare combined.
What is the overtime pay for holidays?
2 x your normal pay
What date must you receive your W-2 from your employer?
January 31st.
Is it taxable, Yes or No?:
Unemployment Compensation.
Yes