Income Quiz: Calculate Bob's Monthly Sales Needs

Questions and Answers

If Bob wants to make $6,000 this month, how much in sales does he need to have?

$50,000

$120,000

$70,000 (correct)

$90,000

Which of the following could be true about Padraig's gross pay and total employee benefits?

His total employee benefits are 2.9% of his annual gross pay of $68,000.

His total employee benefits are 2.8% of his annual gross pay of $72,000.

His total employee benefits are 13.3% of his annual gross pay of $60,000.

His total employee benefits are 12.5% of his annual gross pay of $64,000. (correct)

Which of the following employees has the largest gross pay?

Employee A: Total employee benefits $1,500, Total job benefits $49,800

Employee C: Total employee benefits $1,000, Total job benefits $51,900 (correct)

Employee B: Total employee benefits $1,050, Total job benefits $51,200

Employee D: Total employee benefits $3,000, Total job benefits $52,300

What is Kai's hourly rate of pay if he worked a gross weekly paycheck of $616 for the hours described?

$19.25 Signup and view all the answers

Which employee did not have the same dollar amount in sales for the month of February as the other two employees?

Employee #1. Signup and view all the answers

Elisha, a photographer, charges a set fee. This is an example of _____ income.

earned Signup and view all the answers

What is the employee's gross pay based on the statement of biweekly earnings?

$726.80 Signup and view all the answers

What amount of Social Security tax was deducted from Gary's gross pay of $1,047.30?

$64.93 Signup and view all the answers

Molly has biweekly gross earnings of $839.52. How many withholding allowances does she currently claim?

3 Signup and view all the answers

Describe how total job benefits and total employee compensation differ.

Total employee compensation is the result of deducting total job expenses from total job benefits. Signup and view all the answers

Compare the total compensations for the job offers for Phillipe and explain which job to accept.

The total employment compensation for Company A is $75,300 and for Company B it is $75,000. Phillipe should choose Company A. Signup and view all the answers

Byron's income last year was $61,700. How much per month did he collect from rent?

$1,140 Signup and view all the answers

What are Lakisha's total job benefits per year?

$58,196 Signup and view all the answers

What will be the total employment compensation for the employee who has an annual salary of $48,700 and incurred job expenses?

$51,810 Signup and view all the answers

How much of an hourly raise will Desiree need to achieve her desired total income?

$1.50 Signup and view all the answers

Study Notes

Income Calculations and Concepts

Bob's annual salary is $30,000, earning an additional 5% commission. To achieve $6,000 in a month, he needs to generate $70,000 in sales.
Padraig's total compensation is $70,000 with $2,000 in job expenses. He potentially has employee benefits as a percentage of various gross pays, with one option reflecting benefits at 12.5% of $64,000.
To determine the employee with the largest gross pay, Employee D has $55,300 total considering benefits, which is the highest.
Kai's gross weekly paycheck is $616, having worked varied hours; his hourly rate is calculated to be $20.53.
In a group of commissioned employees, Employee #1 had different sales figures compared to the other two.

Types of Income

Elisha, a photographer, charges a fixed fee for services, categorizing this as earned income.

Earnings and Taxes

A statement of biweekly earnings reflects that one employee's gross pay is $726.80.
Gary's gross pay of $1,047.30 sees a Social Security tax deduction of $64.93 based on a 6.2% tax rate.
Molly's biweekly gross earnings of $839.52 indicate she likely claims 3 withholding allowances, resulting in a $16 increase in take-home pay with one more allowance.

Compensation and Benefits

Total employee compensation differs from job benefits, as it accounts for job expenses deducted from job benefits.
Phillipe should consider Company A over Company B based solely on employment compensation, which is slightly higher at $75,300.
Byron's annual income from his plumbing job and apartment rental yields an approximate monthly rent income of $1,140.
Lakisha receives substantial benefits, including $2,150 in health insurance and $86 in life insurance yearly, totaling her job benefits to $58,196.

Employment Compensation and Adjustments

An employee earning $48,700 plus additional benefits and reimbursements calculates a total employment compensation of $51,810.
Desiree requires a raise to reach an annual income of $51,880, needing an hourly raise of $1.50 to meet her goal.

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Description

Test your knowledge on income calculations with these flashcards. This quiz covers concepts such as salary, commissions, and employment compensation to help you understand how to compute earnings effectively.

Income Topic Test Flashcards