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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?

1

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?

1

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

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)

1

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)

1

What does the term tax-deffered mean?

1

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

1

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

1

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

1

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?