Answers26.27 TCEC FINANCIAL LITGross Pay vs. Net Pay

Gross Pay vs. Net Pay Answers

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Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim?

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A
3
B
4
C
5
D
6
2
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Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary’s gross pay.

A
$6.49
B
$8.38
C
$64.93
D
$83.78
3

Selina claims single having one exemption. Her state tax deduction is 21% of her federal tax contribution. Calculate the amount of state tax Selina owes if her gross pay for two weeks is $840. The following federal tax table is for biweekly earnings of a single person.

Question illustration
A
$16.17
B
$16.80
C
$32.34
D
$33.60
4

Chuck has a gross pay of $815.70. By how much will Chuck’s gross pay be reduced if he has the following items withheld?federal tax of $56Social Security tax that is 6.2% of his gross payMedicare tax that is 1.45% of his gross paystate tax that is 19% of his federal tax

A
$73.04
B
$129.04
C
$235.51
D
$273.38
5

A statement of an employee's biweekly earnings is given below. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY9/10$_____ $98.00 $52.88 $12.37 $22.54$667.17What is the employee's gross pay?

A
$818.05
B
$830.42
C
$840.59
D
$852.96
6

Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay State tax that is 22% of her federal tax

A
$691.52
B
$666.21
C
$636.98
D
$623.52
7

Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is 6.2% of gross pay, Medicare tax is 1.45% of gross pay and state tax is 19% of federal tax, determine if Juanita's net pay is correct. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY11/17$1,020.00 $107.00 $63.24 $14.79 $20.33$814.64Choose the true statement below.

A
The net pay is correct.
B
The Social Security tax is not correct.
C
The Medicare tax is not correct.
D
The state tax is not correct.
8

Use the tax table to help answer the following question. Luce is single and making $763 biweekly. She claims no federal withholding allowances. If the state tax is 19% of the federal tax, how much in state tax does Luce contribute?

Question illustration
A
$12.92
B
$15.13
C
$15.77
D
$16.34
9

The total amount of deductions from an employee’s gross pay is $83.20. If the gross pay is $378.18, what percent of their gross pay is being withheld?

A
21%
B
22%
C
23%
D
24%
10

Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn’s net pay will be affected if she increases her federal withholding allowances from 3 to 4. a. Her net pay will increase by $15.00. b. Her net

Question illustration
A
A
B
B
C
C
D
D
11

The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $780 and claims 6 exemptions. How does their net pay change due to the federal income tax withheld?

Question illustration
A
No federal income taxes are withheld.
B
They will add $11 to their gross pay.
C
They will subtract $11 from their gross pay.
D
They will add $13 to their gross pay.
12

The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $780 and claims 6 exemptions. How does their net pay change due to the federal income tax withheld?

Question illustration
A
No federal income taxes are withheld.
B
They will add $11 to their gross pay.
C
They will subtract $11 from their gross pay.
D
They will add $13 to their gross pay.
13

Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay State tax that is 22% of her federal tax

A
$691.52
B
$666.21
C
$636.98
D
$623.52
14

Tamara earns her living as a salary plus commission employee. Her annual salary is $48,000, and she earns 4% commission on all sales she makes. If Tamara wants to make a total of $6,000 this month, how much in sales does she need to have?

A
$30,000
B
$50,000
C
$100,000
D
$150,000
15

Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim?

Question illustration
A
3
B
4
C
5
D
6
16

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Employee #1 $2,000 + 3% on all sales Employee #2 7% on all sales Employee #3 5% on the first $40,000 + 8% on anything over $40,000 December 4.4 5.6 5.2 January 3.5 3.85 3.6 February 4.7 4.9 4.4 Which employee did not have the same dollar amount in sales for the month of February as the other two employees?

A
Employee #1.
B
Employee #2
C
Employee #3
D
They each had the same dollar amount in sales.
17

The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $840 and claims 5 exemptions. How will federal taxes affect his net pay?

Question illustration
A
Federal taxes will not affect the net pay.
B
Net pay will increase $11 from the gross pay.
C
Net pay will decrease $11 from the gross pay.
D
Net pay will decrease $13 from the gross pay.
18

Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary’s gross pay.

A
$6.49
B
$8.38
C
$64.93
D
$83.78
19

An employee makes an hourly rate plus any tips they earn. This tip employee made a total of $400 by working 28 hours last week. If $253 of their total earnings was their tips, what is their hourly rate of pay?

A
$5.25
B
$5.61
C
$8.82
D
$9.04
20

Which of the following would affect an employee’s net pay?

A
Opting out of their employer’s dental insurance plan and putting the money saved into their employer’s health insurance plan
B
Claiming a different number of dependents and thereby reducing their income tax withholdings
C
Getting a raise and putting the extra money into a 401(k) plan
D
Receiving a bonus in the form of extra vacation days

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