Exam 15: Personal Taxes, Payroll, and Financial Statements

After paycheck deductions are made, the resulting pay is called ____________________ pay.

The preparation cook at The Home Kitchen Catering Company receives a salary of $437 per week, plus a commission of 1.4% on all the catered party business. In a recent week, the catered party business amounted to $14,400. Deducted from her gross wages were the following: FICA tax $65.55, federal withholding tax $131.10, and city income tax $13.11. What was her net pay? $_______________

_____ is money withheld from each employee's paycheck during the year to pay for the income tax that he or she owes the federal government at the end of the year.

____________________ ____________________ ____________________ is a mathematical method for finding the dollar amount needed for a food service operation to break even.

The ____________________ ____________________ is a statement listing all the company's assets and liabilities to determine net worth, proprietorship, or capital.

The manager of the food concession at the local swimming club receives a small weekly salary of $130, plus a commission of 5.5% on all food sales for the week. Last week, the food sales amounted to $4,877. What was her gross wage for the week? $_______________

A budget can be made up whenever the food service operator wants to know the business's financial situation or feels it necessary to review the financial situation.

The gross margin or gross profit is found by subtracting the cost of food sold from the total sales.

____________________ ____________________ is the money received from the sale of all products, food, beverages, and so forth.

The formula to determine the break-even point is to take the fixed costs and divide them by the contribution rate percentage.

The contribution rate percentage is calculated by multiplying the contribution rate by the sales.

The _____ is a summary or report of the business operation for a given period of time.