Question 1

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000.
-

Accepted Answer

A) $136.73 
B) $230.50 
C) $130.53 
D) $93.76 
A) $136.73 
B) $230.50 
C) $130.53 
D) $93.76

Question 2

Solve the problem.
-Tom Darcy makes $4.75 for each chimney he sweeps. Find his gross earnings if he sweeps 19 chimneys.

Accepted Answer

A) $80.75 
B) $23.75 
C) $99.75 
D) $90.25 
A) $80.75 
B) $23.75 
C) $99.75 
D) $90.25

Question 3

Find the hours, rate, or earnings as specified.
-  Find the number of regular hours, overtime hours (over 8 in a day), and overtime rate (time and a half).

Accepted Answer

A) 36, 8, $18.10 
B) 37.5, 6.5, $18.10 
C) 44, 0, $13.58 
D) 37.5, 6.5, $13.58 
A) 36, 8, $18.10 
B) 37.5, 6.5, $18.10 
C) 44, 0, $13.58 
D) 37.5, 6.5, $13.58

Question 4

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000.
-Gross Earnings This Year: $110,965 45) Current Period Earnings: $5,636

Accepted Answer

A) $99.26 
B) $243.97 
C) $250.17 
D) $349.43 
A) $99.26 
B) $243.97 
C) $250.17 
D) $349.43

Question 5

Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a state
withholding tax of 3.4%. One withholding allowance is $73.08 when paid weekly.  
-Jessica Walker, physicist, earns $720 per week. She is married and claims 1 withholding allowance. Her deductions are FICA, Medicare, federal withholding, state disability insurance, state
Withholding, retirement contribution of $21.60, and a savings bond of $85. Find her net pay.

Accepted Answer

A) $554.70 
B) $469.70 
C) $454.64 
D) $526.64 
A) $554.70 
B) $469.70 
C) $454.64 
D) $526.64

Question 6

Solve the problem.
-Brandy's Gift House pays employees for each gift they gift wrap. Assume they are paid as follows:   If Lee wraps 13 gifts, what are her gross earnings?

Accepted Answer

A) $43.50 
B) $41.25 
C) $39.00 
D) $48.75 
A) $43.50 
B) $41.25 
C) $39.00 
D) $48.75

Question 7

Solve the problem.
-Anita is paid $13.78 per hour. She is paid time-and-a-half for overtime work. What is her overtime rate?

Accepted Answer

A) $20.67 
B) $15.28 
C) $6.89 
D) $16.54 
A) $20.67 
B) $15.28 
C) $6.89 
D) $16.54

Question 8

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000.
-

Accepted Answer

A) $351.67 
B) $39.35 
C) $345.47 
D) $391.01 
A) $351.67 
B) $39.35 
C) $345.47 
D) $391.01

Question 9

Find the federal withholding tax for the employee. Use the wage bracket method.  
-

Accepted Answer

A) $36 
B) $26 
C) $25 
D) $38 
A) $36 
B) $26 
C) $25 
D) $38

Question 10

Solve the problem.
-Acme Industries pays at the time-and-a-half rate for all time worked over 8 hours in any one day no matter how many hours are worked in a week. Susan Jones, an employee of Acme Industries,
Makes $14.32 an hour as her regular rate of pay. Last week she worked 9 hours on Monday, 6.5
Hours on Tuesday, 10.25 hours on Wednesday, 7 hours on Thursday, and 12 hours on Friday. What
Were her gross earnings for the week?

Accepted Answer

A) $765.73 
B) $692.73 
C) $660.73 
D) $643.73 
A) $765.73 
B) $692.73 
C) $660.73 
D) $643.73

Question 11

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40.
-

Accepted Answer

A) $411.03 
B) $380.95 
C) $571.43 
D) $409.03 
A) $411.03 
B) $380.95 
C) $571.43 
D) $409.03

Question 12

Calculate the total amount due to the IRS from the firm.
-Northwest Auto Sales collected $3,087.89 FICA, $722.17 medicare, and $2,619.72 federal withholding tax from employees.

Accepted Answer

A) $7,151.95 
B) $9,517.67 
C) $10,239.84 
D) $6,429.78 
A) $7,151.95 
B) $9,517.67 
C) $10,239.84 
D) $6,429.78

Question 13

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40.
-

Accepted Answer

A) $565.68 
B) $496.72 
C) $567.68 
D) $745.08 
A) $565.68 
B) $496.72 
C) $567.68 
D) $745.08

Question 14

Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a
self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed.
-Ted Houston, accountant, earned $56,641.08

Accepted Answer

A) $6,923.49, $1,542.59 
B) $3,511.75, $821.30 
C) $3,511.75, $1,642.59 
D) $7,023.49, $1,642.59 
A) $6,923.49, $1,542.59 
B) $3,511.75, $821.30 
C) $3,511.75, $1,642.59 
D) $7,023.49, $1,642.59

Question 15

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40.
-

Accepted Answer

A) $685.52 
B) $765.88 
C) $1,028.28 
D) $763.88 
A) $685.52 
B) $765.88 
C) $1,028.28 
D) $763.88

Question 16

Find the federal withholding tax for the employee. Use the wage bracket method.  
-

Accepted Answer

A) $18 
B) $17 
C) $15 
D) $16 
A) $18 
B) $17 
C) $15 
D) $16

Question 17

Find the federal withholding tax for the employee. Use the wage bracket method.  
-

Accepted Answer

A) $29 
B) $31 
C) $30 
D) $32 
A) $29 
B) $31 
C) $30 
D) $32

Question 18

Solve the problem. Use a FICA rate of 6.2%, a Medicare rate of 1.45%, and an SDI rate of 1%. Assume the person's
earnings will not exceed $31,800 for the year. Round to the nearest cent if needed.
-Lily Adams is paid 6% commission on sales. During a recent week, she had sales of $7,657.00 and returns of $162.05. Find her Social Security tax, Medicare tax, and SDI deduction for the week.

Accepted Answer

A) $27.88, $6.52, $4.50 
B) $27.51, $6.43, $4.44 
C) $28.48, $6.66, $4.59 
D) $29.09, $4.59, $4.69 
A) $27.88, $6.52, $4.50 
B) $27.51, $6.43, $4.44 
C) $28.48, $6.66, $4.59 
D) $29.09, $4.59, $4.69

Question 19

Solve the problem. Use a FICA rate of 6.2%, a Medicare rate of 1.45%, and an SDI rate of 1%. Assume the person's
earnings will not exceed $31,800 for the year. Round to the nearest cent if needed.
-Beth Conners worked 43.2 hours last week at Creative Kitchens. She is paid $6.58 per hour, plus time-and-a-half for overtime. Find her Social Security tax and Medicare tax for the week.

Accepted Answer

A) $26.43, $6.18 
B) $18.28, $4.27 
C) $17.62, $4.12 
D) $16.32, $3.82 
A) $26.43, $6.18 
B) $18.28, $4.27 
C) $17.62, $4.12 
D) $16.32, $3.82

Question 20

Solve the problem.
-Sue works for Acme Manufacturing Company packing boxes of staples. She is paid $0.15 per box packed. Last week she packed a total of 1,762 boxes, of which 103 were packed during overtime
Hours. What were her gross earnings for the week if time-and-a-half per box is paid for overtime?

Accepted Answer

A) $273.06 
B) $282.33 
C) $271.00 
D) $272.03 
A) $273.06 
B) $282.33 
C) $271.00 
D) $272.03

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -

Solve the problem. -Tom Darcy makes $4.75 for each chimney he sweeps. Find his gross earnings if he sweeps 19 chimneys.

Find the hours, rate, or earnings as specified. - Find the number of regular hours, overtime hours (over 8 in a day), and overtime rate (time and a half).

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -Gross Earnings This Year: $110,965 45) Current Period Earnings: $5,636

Solve the problem. -Brandy's Gift House pays employees for each gift they gift wrap. Assume they are paid as follows: If Lee wraps 13 gifts, what are her gross earnings?

Solve the problem. -Anita is paid $13.78 per hour. She is paid time-and-a-half for overtime work. What is her overtime rate?

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Calculate the total amount due to the IRS from the firm. -Northwest Auto Sales collected $3,087.89 FICA, $722.17 medicare, and $2,619.72 federal withholding tax from employees.

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed. -Ted Houston, accountant, earned $56,641.08

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

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Exam 6: Payroll

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -

Solve the problem. -Tom Darcy makes $4.75 for each chimney he sweeps. Find his gross earnings if he sweeps 19 chimneys.

Find the hours, rate, or earnings as specified. - Find the number of regular hours, overtime hours (over 8 in a day), and overtime rate (time and a half).

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -Gross Earnings This Year: $110,965 45) Current Period Earnings: $5,636

Solve the problem. -Brandy's Gift House pays employees for each gift they gift wrap. Assume they are paid as follows: If Lee wraps 13 gifts, what are her gross earnings?

Solve the problem. -Anita is paid $13.78 per hour. She is paid time-and-a-half for overtime work. What is her overtime rate?

Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Calculate the total amount due to the IRS from the firm. -Northwest Auto Sales collected $3,087.89 FICA, $722.17 medicare, and $2,619.72 federal withholding tax from employees.

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed. -Ted Houston, accountant, earned $56,641.08

Find the gross earnings. Use the overtime premium method. Overtime is paid at time-and-a-half for all hours over 40. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

Find the federal withholding tax for the employee. Use the wage bracket method. -

Whole Numbers and Decimals

Fractions

Percents

Equations and Formulas

Bank Services

Mathematics of Buying

Mathematics of Selling

Simple Interest

Compound Interest and Inflation

Annuities, Stocks, and Bonds

Business and Consumer Loans

Taxes and Insurance

Depreciation

Financial Statements and Ratios

Budgeting and Business Statistics

Filters