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BM427 Quiz - Net Pay

Last updated about 5 years ago

5 questions

6

Question 1

1.

Tom works at the local convenience store. This past week he earned $620.19. His income taxes amounted to $60.78 for this check. He has set up a retirement fund that deducts $65.00 from his paycheck each week. Calcualte his net pay for the week. Show all of your calculations.

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Question 2

2.

Sherry earns $567.23 each week. Her income tax on each check is $42.54. She invests 4% of her gross pay into a savings account. Calculate her net pay. Show all of your calculations.

Question 3

3.

Gina is paid monthly and earns $5,500 in gross pay. She pays $595.83 in income tax each paycheck. She also pays $56.34 in union dues and $125 in health insurance premiums monthly. She also invests $85 of each paycheck into a retirement fund. Calculate her net pay for the month. Show all of your calculations.

Question 4

4.

As a teacher, Juan earns $3,346 in gross pay every two weeks. His income tax deduction is $398 per paycheck. He pays union dues of $53.25 each paycheck along with having $145 deducted for health insurance premiums. he also pays 2.5% of each paycheck into a retirement fund. Calculate his net pay. Show all of your calculations.

Question 5

5.

Steve is an investment banker. He earns $112,500 per year at his firm. He is paid biweekly and has insurance premiums of $355.12 taken out of each check. He also invests 5% of each check into a retirement fund. In each check, Steve pays $476.17 in income taxes. Calculate his net pay. (Hint: first you need to determine his biweekly pay). Show all of your calculations.