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Questions and Answers
If Bob wants to make $6,000 this month, how much in sales does he need to have?
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?
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?
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?
What is Kai's hourly rate of pay if he worked a gross weekly paycheck of $616 for the hours described?
Which employee did not have the same dollar amount in sales for the month of February as the other two employees?
Which employee did not have the same dollar amount in sales for the month of February as the other two employees?
Elisha, a photographer, charges a set fee. This is an example of _____ income.
Elisha, a photographer, charges a set fee. This is an example of _____ income.
What is the employee's gross pay based on the statement of biweekly earnings?
What is the employee's gross pay based on the statement of biweekly earnings?
What amount of Social Security tax was deducted from Gary's gross pay of $1,047.30?
What amount of Social Security tax was deducted from Gary's gross pay of $1,047.30?
Molly has biweekly gross earnings of $839.52. How many withholding allowances does she currently claim?
Molly has biweekly gross earnings of $839.52. How many withholding allowances does she currently claim?
Describe how total job benefits and total employee compensation differ.
Describe how total job benefits and total employee compensation differ.
Compare the total compensations for the job offers for Phillipe and explain which job to accept.
Compare the total compensations for the job offers for Phillipe and explain which job to accept.
Byron's income last year was $61,700. How much per month did he collect from rent?
Byron's income last year was $61,700. How much per month did he collect from rent?
What are Lakisha's total job benefits per year?
What are Lakisha's total job benefits per year?
What will be the total employment compensation for the employee who has an annual salary of $48,700 and incurred job expenses?
What will be the total employment compensation for the employee who has an annual salary of $48,700 and incurred job expenses?
How much of an hourly raise will Desiree need to achieve her desired total income?
How much of an hourly raise will Desiree need to achieve her desired total income?
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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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