Type of Taxes/Deductions
What is included in FICA tax?
Social Security and Medicare
If I earn $2650 biweekly, how much can I earn in a year?
$68,900
How much is my gross pay if I earn $15/hr and work 34 hours in a week?
$510
How do we calculate net pay?
Gross Pay-Deductions= Net Pay
What document do I complete when I start a job that allows me to determine my deductions?
W-4
What types of deductions are optional
Insurance & Retirement
I make 6% commission on sales that I make. If I sell $15,750 how much will my commission be?
$945
What is the typical overtime rate?
Time and a half or 1.5
What percentages are the Social Security and Medicare taxes calculated at?
6.2% & 1.45%
What is the formula for hourly gross pay?
Hours worked x amount earned = gross pay
What types of deductions are mandatory?
Federal tax, state tax, and FICA taxes
I earn $86,450 a year. How much do I earn weekly?
$1,662.50
I work 80 hours in 2 weeks and make $34.60 per hour. What is my gross pay?
$2768
If my gross pay is $1280 for the week, how much will I pay in Social Security and Medicare?
SS= $79.36
Med= $18.56
What is the document that I complete to determine eligibility to work?
I-9
What is a flat tax?
Tax where everyone pays the same percentage, no matter their income.
I earn 5% commission on sales less than $10,000 and 9% on sales over $10,000. If I sell $25,000 in sales, how much will my commission be?
$1,850
I worked 55 hours this week and earn $26.25 per hour. If I earn time and a half for overtime what was my total gross pay for the week?
$1640.63
Find the Net Pay:
Gross Pay: $800
Federal Tax: $96.80
State Tax: $42.97
Soc. Sec. Tax: $47.20
Medicare: $9.70
Health Ins.:$41.63
$561.7
How many paychecks do I receive if I get paid semimonthly? Weekly?
24 & 52
What is a progressive tax?
A tax that is calculated based on income level, and the percentage deducted increases as your income increases.
My current job pays me $3250 semi-monthly. I received a job offer that pays $82,350 a year. Which job is the better option.
Salary of $82,350
I worked 48 hours Monday through Friday and then worked 6 hours on Saturday. I $21 per hour, with time and a half for overtime during the week and double time if I work on the weekend. What is my gross pay?
$1344
Calculate the yearly net pay.
Gross $56,850
Federal Tax (12%)=
State Tax (5.3%)=
Social Security (6.2%)=
Medicare (1.45%)=
Insurance and Retirement (15%)
Total Deductions= $22,711.53
Net Pay= $34,138.47
I sell squishies at $6.50 per squishy. If I sell 80 squishies how much do I make?
$520