Widget Pay
If I make widgets at a factory and make $.20 for each widget that I correctly assemble, how much will I make per hour if I make 50 widgets each hour?
Hint: the equation I would use to solve this problem is
.20 * _______ =
The equation: .20 * 50 = 10
So, I will make $10 per hour.
What is 11% of 300?
Hint: move the decimal to the left 2 spaces.
300 * .11 = 33
Taxes are fees that the government _________ people to pay in order to live and work in their state and in the USA.
(a) Requires
(b) Does not Require
Requires
Using the pay stub handout, how much did Casey Smith pay in State Income Taxes during the pay period?
.74
Which answer below is an example of EARNED income?
(a) interest earned on a savings account
(b) Money from a job
(c) social security income
(d) a birthday gift
(b) money from a job
Weezer owns a dog treat factory.
If he pays his workers $10 per hour and they work M-F, 8 hour shifts, how much money will he pay each worker per week?
10 * 8 = 80/day
$80 * 5 days = $400/week
If I want to save 18% of my net pay each week, and I take home $444 each week, how much will I be saving?
444 * .18 = $79.92
Overtime pay is any pay over _____ hours.
It is usually calculated as ______ * your usual hourly pay rate.
Overtime pay is any pay over 40 hours.
It is usually calculated as 1.5 * your usual hourly pay rate.
$155.33
(Take home pay is Net Pay)
Name 3 things funded by taxes in your community.
Schools, libraries, police, public transportation, FICA, roads, traffic lights, public workers, a public park, a community center, government offices, etc.
Bertha makes dog toys at a dog toy factory. She receives $.25 per dog toy and her goal is to make 50 dog toys per hour.
How much will she make per hour AND how much money will she make for an 8 hour shift?
Hint: First, calculate how much she makes per hour and then multiply that amount by 8 hours.
per hour equation: .25 * 50 = $12.50
Per 8 hour shift: $12.50 * 8 = $100
If I want to save .17 of my net pay, and I take home $3000 per month, how much will I be saving each year?
.17 * 3000 = 510
510 * 12 = 6120
A person who relies on another person, usually a family member, for financial support is called a __________________.
Dependent
How much does Casey make per hour if he worked 20 hours this pay period?
Gross Pay $200
200/20 = 10
So, Casey's Hourly Pay Rate has to be $10/hour
When you are hired, you complete a _______ form to decide on your deductions.
(a) W-4
(b) W-2
(c) 1040
W-4
If Weezer pays his workers a piece rate pay of .50 per item instead of $10 per hour, how much will each worker make if they create 75 dog treats per hour?
.50 * 75 = $37.50
If I make $17 per hour, and I work 42 hours, how much total overtime pay will I make for the 2 hours of overtime I'm making?
Hint: start with 17 * 1.5 =
17 * 1.5 = 25.5
25.5 * 2 = 51
$51.00
The federal program that assists older Americans with insurance and income is called ______.
(a) State Income Tax
(b) Retirement Account
(c) FICA (Federal Insurance Contribution Act)
FICA (Federal Insurance Contribution Act)
Grady earns $10 per hour and he worked 40 hours during a summer time pay period.
He had the following deductions taken out of his paycheck: (50.00 in Federal Income Tax, 25.00 in State Income Tax, and $10.50 in FICA).
What will be Grady's NET PAY?
10 * 40 = $400 (GROSS PAY)
50 + 25 + 10.50 = $85.50 (TOTAL DEDUCTIONS)
$400 = 85.50 = $314.50 (NET PAY)
If I need to file my taxes, I will need a:
(a) 1040
(b) W-4
(c) D-400
(d) more than one answer ____ and ____
(d) more than one answer
You'll need a 1040 for Federal Taxes and a D-400 for State Taxes
Joe makes widgets at a factory. If he can make 500 widgets in 8 hours, what is his hourly production rate?
500/8 = 62.5 hourly production rate
Your BUDGET is
20% for transportation
35% for housing
25% for food
20% for other costs
If you take home $3000 per month, how much will you be spending on food and housing each month?
food -- 3000 * .25 = 750
housing -- 3000 * .35 = 1050
750 +1050 = $1800
Sam assembles widgets at a factory. He makes $.11 for each widget that he correctly assembles. The production rate is 80 widgets an hour. What is Sam's gross pay for an 8 hour shift if he meets this production rate?
.11 * 80 = 8.8
$8.80 per hour
8.8 * 8 = $70.40 for an 8 hour shift
How much will Grady's NET PAY be if he works 46 hours in a pay period. Use a$10 hourly rate and the following deductions:
FEDERAL TAX $50
FICA SS TAX $11
FICA MEDICARE $20
STATE TAX $11
RETIREMENT $25
40 * 10 = 400 (regular pay)
6 * 10 * 1.5 = 90 (overtime pay)
490 (total gross pay)
50 + 11 + 20 + 11 + 25 = 117 (total deductions)
490 - 117 = $373 (NET PAY)
What is the difference between a W-4 and a W-2?
A W-4 is a form you fill out when you are hired. On the W-4, you enter in information about yourself (such as if you are single or married, how many dependents you have, etc).
A W-2 is a form you receive every January that tells you exactly how many taxes you paid in the past year.