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FIT
Social Security Tax
Group Insurance
Other
Definitions
100
What is the acroynm for Federal Income Tax?
What is FIT?
100
The percentage employers are required to deduct from a person's check on the first $55,500 earnings to date is?
What is 7.65%
100
Two examples of types of group insurance that can be offered by employers are
What is medical, dental or vision.
100
Washington State does NOT have what tax
What is state income tax
100
Define Gross Pay
What is the amount you are paid before taxes and deductions.
200
In order to find out what Federal Income tax amount is taken out of a check you must look at....?
What is a table/chart.
200
FICA requires employers to take out social security tax, FICA stand for what?
What is the Federal Insurance Contributions Act.
200
The three things you need to know in order to find the group insurance deduction per pay period are
What is annual cost of insurance, what employers pay and number of pay periods.
200
True or False according to the book 7.65% is deducted on the first $5,550 for social security tax
What is false
200
Define net pay
What is the amount you are payed after taxes and deductions have been taken out of your gross pay.
300
The government department that provides the table for employers to use to find your FIT deduction is
What is the IRS
300
Gross pay of $67.00 x 7.65%=
What is $5.13
300
Annual cost of insurance is $3272. Employer pays 70% There are 52 pay periods. The deduction per pay period is
What is $18.88
300
Judy Bloom earns $8.60 an hour if she worked 40 hours a week what is her weekly pay
What is $344
300
Define Earning Statement
What is a chart/document/paper attached to your paycheck that lists all of your deductions, your gross pay and your net pay for that current pay period.
400
Jeanne Scott is single. Earns $330.15 weekly. Claims 2 allowances. The FIT withheld is (Look at the chart on page 101)
What is $34
400
Your monthly salary is $1,534.00 Your earnings to date are $6,136.00 The amount of social security tax withheld from your check is
What is $117.35
400
Annual cost of group insurance is $3400. Employers pay 75% How much do you pay YEARLY in deductions
What is $850
400
Rate Per Hour $27.22 Regular Hours 26 What is the straight time pay
What is $707.72
400
Define group insurance
What is a reduced insurance rate that is partially payed or provided by your employer. Examples of group insurance offered are: medical, dental, vision...
500
Shirley Temple is a dancer, she earns $325 a week. She is single and claims 2 allowances. What is the FIT amount withheld? Roy Rodgers is an athlete, he earns $321 a week. He is single and claims 0 allowances. What is the FIT amount withheld for him?
What is $33 for Shirley and $45 for Roy
500
Matt Champs is a firefighter: S9450 earned this year to date. $450 gross weekly pay. The amount of deducted from his check for social security is
What is $34.43
500
The three steps for finding group insurance deductions are
What is 1) Subtract what the employer pays by 100= amount employee percentage 2) Multiply the employee percentage by the annual cost of insurance= what employee pays 3) Divide what the employee pays by the number of pay periods= monthly payment
500
The amount withheld for FIT depends on which 3 things
What is 1)Income 2)Marital Status 3)Withholding Allowances
500
Define FIT
What is Federal Income Tax. FIT is the tax you pay on the income you earn. You must file your FIT every year in April and it is monitored by the Internal Revenue Service (IRS).