Chapter 2:
Net Income
1.
Melika Yasin's gross pay for this week is $355.00. She is married and claims no allowances. According to the table below, what amount will be withheld from Ms. Yasin's pay for FIT?
a.
$35
b.
$37
c.
$42
d.
$43
2.
Donna Forrester's gross pay is $72,500 a year. The state income tax rate is three percent of taxable wages. Donna takes a married exemption of $3,000 for herself and her husband. How much is withheld from her gross earnings for state income tax for the year?
a.
$2,085
b.
$2,175
c.
$70,325
d.
$70,415
3.
Warren Anderson's annual salary is $54,500. His personal exemptions total $1,500. The annual tax withheld is: 1.5 percent of the 1st $1,000, 3.0 percent of the next $2,000, 4.5 percent of the next $2,000, and 5.0 percent over $5,000. How much is deducted annually for state income tax?
a.
$2,400
b.
$2,565
c.
$2,725
d.
$2,890
4.
Charles Stickley's gross weekly pay is $915. His earnings to date for this year total $21,045. What amount is deducted weekly for Social Security taxes?
a.
$13.27
b.
$56.73
c.
$70.00
d.
$1,304.79
5.
Carrie Ambrose has family medical coverage through her employer's group medical plan. The annual cost of Ambrose's coverage is $4,800. If her employer pays 60 percent of the coverage, how much does Carrie have to pay?
a.
$1,920.00
b.
$2,880.00
c.
$6,720.00
d.
$7,680.00
6.
Lonnie Flanagan's weekly gross pay is $1,250. Each week she has $64.37 in deductions, plus state tax of two percent of her gross pay, and Social Security and Medicare taxes of 7.65 percent of her income. What is her net pay?
a.
$185.00
b.
$1,058.79
c.
$1,065.00
d.
$1,435.00
7.
Marlena Rodriguez's annual salary is $67,500. Her personal exemptions total $1,500. The annual tax withheld is: 1.5 percent of the 1st $1,000, 3.0 percent of the next $2,000, 4.5 percent of the next $2,000, and 5.0 percent over $5,000. How much is deducted annually from her salary for state income tax?
a.
$61.83
b.
$123.66
c.
$267.92
d.
$3,215.00
8.
Betty Wu has family medical coverage through her employer's group medical plan. The annual cost of her coverage is $5,500. If her employer pays 65 percent of the coverage, how much does Wu have to pay?
a.
$37.02
b.
$68.75
c.
$1,925.00
d.
$3,575.00
9.
Margaret Vanyo's gross pay is $37,000 a year. The state income tax rate is three percent of taxable wages. Vanyo takes a single exemption of $1,500. How much is withheld from her gross earnings for state income tax for the year?
a.
$1,020.00
b.
$1,065.00
c.
$1,110.00
d.
$1,155.00
10.
Tomas Gomez's gross weekly pay is $675. His earnings to date for this year total $15,525. What amount is deducted weekly for Social Security taxes?
a.
$41.85
b.
$37.02
c.
$80.21
d.
$962.55
Ch. 1-5
Ch. 6-10
Ch. 11-15
Ch. 16-20
Ch. 21-23
Ch. 1
Ch. 2
Ch. 3
Ch. 4
Ch. 5
Ch. 6
Ch. 7
Ch. 8
Ch. 9
Ch. 10
Ch. 11
Ch. 12
Ch. 13
Ch. 14
Ch. 15
Ch. 16
Ch. 17
Ch. 18
Ch. 19
Ch. 20
Ch. 21
Ch. 22
Ch. 23
