Income Statements

Last updated over 1 year ago

10 questions

1

Barbara started a new job and wants to verify that her net pay has been computed correctly.
Her gross pay per pay period is $269.75.

She has the following deductions: SS tax 6.2%, Medicare tax 1.45%, federal withholding tax $47.51, state withholding tax $16.62, retirement insurance contribution $9.00, disability insurance fee $2.56, medical insurance fee $12.00, and dental insurance fee $6.00.

What should her net pay be for this pay period?

$102.89

$114.32

$155.43

$210.00

Examine the following paystub for an employee who gets paid biweekly (26 times a year):

How much money will the person pay in SS tax each year?

$6720

$6738.96

$7280

$7300.54

Examine the following paystub for an employee who gets paid biweekly (26 times a year):
What PERCENTAGE of their gross annual pay will this person pay in Union dues?

(Hint! Percentage are found by Part÷Whole)

1.33%

61%

10.3%

0.3%

Use the partial information given in this electronic W-2 form to calculate the amount in Box 1:

(Hint! Remember, Box 1+Box 12a = Box5)

$1900

$71,194

$66,694

$73,094

Observe the following W2 for the year 2020. How much tax was paid in the year 2020? (HINT! Federal tax, Medicare tax, and State Income tax were all paid)

$2642.51

$3822.21

$783.00

$500

What does the term tax-deffered mean?

Suppose Liz has an annual salary of $72,580. What is her annual Social Security deduction?
(Remember the SS tax rate is 6.2%)

$1052.41

$4499.96

$5064.33

Suppose Liz has an annual salary of $72,580. What is her annual Medicare deduction?
(remember, the medicare tax rate is 1.45%)

$1052.41

$4499.96

$5064.33

Suppose Liz has an annual salary of $72,580.
She is paid biweekly, what is her gross biweekly pay?

$1052.41

$4499.96

$2791.54

Each pay period, Liz's (from the previous problem) employer deducts 21% for federal withholding. What is the total amount withheld from each paycheck for federal taxes?

586.23

625

781

Barbara started a new job and wants to verify that her net pay has been computed correctly. 
Her gross pay per pay period is $269.75. 

She has the following deductions: SS tax 6.2%, Medicare tax 1.45%, federal withholding tax $47.51, state withholding tax $16.62, retirement insurance contribution $9.00, disability insurance fee $2.56, medical insurance fee $12.00, and dental insurance fee $6.00. 

What should her net pay be for this pay period?

$102.89

$114.32

$155.43

$210.00

Examine the following paystub for an employee who gets paid biweekly (26 times a year):

How much money will the person pay in SS tax each year?

$6720

$6738.96

$7280

$7300.54

Examine the following paystub for an employee who gets paid biweekly (26 times a year):
What PERCENTAGE of their gross annual pay will this person pay in Union dues?

(Hint! Percentage are found by Part÷Whole)

1.33%

61%

10.3%

0.3%

Use the partial information given in this electronic W-2 form to calculate the amount in Box 1:

(Hint! Remember, Box 1+Box 12a = Box5)

$1900

$71,194

$66,694

$73,094

Observe the following W2 for the year 2020.  How much tax was paid in the year 2020? (HINT!  Federal tax, Medicare tax, and State Income tax were all paid)

$2642.51

$3822.21

$783.00

$500

Suppose Liz has an annual salary of $72,580.  What is her annual Social Security deduction?
(Remember the SS tax rate is 6.2%)

$1052.41

$4499.96

$5064.33

Suppose Liz has an annual salary of $72,580.  What is her annual Medicare deduction?
(remember, the medicare tax rate is 1.45%)

$1052.41

$4499.96

$5064.33

Suppose Liz has an annual salary of $72,580. 
She is paid biweekly, what is her gross biweekly pay?

$1052.41

$4499.96

$2791.54

Each pay period, Liz's (from the previous problem) employer deducts 21% for federal withholding.  What is the total amount withheld from each paycheck for federal taxes?

586.23

625

781

Income Statements

Income Statements

What does the term tax-deffered mean?

Examine the following paystub for an employee who gets paid biweekly (26 times a year):How much money will the person pay in SS tax each year?

Examine the following paystub for an employee who gets paid biweekly (26 times a year):What PERCENTAGE of their gross annual pay will this person pay in Union dues?(Hint! Percentage are found by Part÷Whole)

Use the partial information given in this electronic W-2 form to calculate the amount in Box 1:(Hint! Remember, Box 1+Box 12a = Box5)

Observe the following W2 for the year 2020. How much tax was paid in the year 2020? (HINT! Federal tax, Medicare tax, and State Income tax were all paid)

What does the term tax-deffered mean?

Suppose Liz has an annual salary of $72,580. What is her annual Social Security deduction?(Remember the SS tax rate is 6.2%)

Suppose Liz has an annual salary of $72,580. What is her annual Medicare deduction?(remember, the medicare tax rate is 1.45%)

Suppose Liz has an annual salary of $72,580. She is paid biweekly, what is her gross biweekly pay?

Each pay period, Liz's (from the previous problem) employer deducts 21% for federal withholding. What is the total amount withheld from each paycheck for federal taxes?

Examine the following paystub for an employee who gets paid biweekly (26 times a year):

How much money will the person pay in SS tax each year?

Examine the following paystub for an employee who gets paid biweekly (26 times a year):
What PERCENTAGE of their gross annual pay will this person pay in Union dues?

(Hint! Percentage are found by Part÷Whole)

Use the partial information given in this electronic W-2 form to calculate the amount in Box 1:

(Hint! Remember, Box 1+Box 12a = Box5)

Suppose Liz has an annual salary of $72,580. What is her annual Social Security deduction?
(Remember the SS tax rate is 6.2%)

Suppose Liz has an annual salary of $72,580. What is her annual Medicare deduction?
(remember, the medicare tax rate is 1.45%)

Suppose Liz has an annual salary of $72,580.
She is paid biweekly, what is her gross biweekly pay?