Personal Finance Unit 23 Homework
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Questions and Answers

What is the gross pay for Amanda who earns $12.20 per hour and worked 52 hours last week?

  • $780.00
  • $500.00
  • $600.40
  • $707.60 (correct)

    • Which statement correctly defines a pay period?

  • The date on which an employee receives their paycheck.
  • The total amount of money earned in a fiscal quarter.
  • The length of time over which an employee is paid. (correct)
  • The total hours worked in a week.

    • What is the overtime pay rate for an employee earning $15.00 per hour?

  • $30.00
  • $18.00
  • $22.50 (correct)
  • $25.00

    • Which of the following is a characteristic of being a salaried employee?

    <p>Same amount of pay each pay period.</p> Signup and view all the answers

    Which of the following is NOT a statutory deduction on an employee's pay stub?

    <p>Health Insurance Premiums</p> Signup and view all the answers

    How many paychecks does an employee receiving biweekly payments receive in a year?

    <p>26</p> Signup and view all the answers

    What does YTD stand for in the context of payroll?

    <p>Year to Date</p> Signup and view all the answers

    Which two payroll taxes make up FICA?

    <p>Social Security and Medicare</p> Signup and view all the answers

    Which document from List C verifies authorization to work?

    <p>Tribal Document</p> Signup and view all the answers

    What is the total FICA taxes for gross wages of $80,000?

    <p>$6,120</p> Signup and view all the answers

    What is one benefit of contributing to a 401(k) plan?

    <p>Earnings grow tax-free</p> Signup and view all the answers

    Which combination of documents is required for verification?

    <p>1 item from List A or List B and 1 item from List C</p> Signup and view all the answers

    For gross wages of $200,000, what is the total FICA tax after applying the additional Medicare tax?

    <p>$13,353.20</p> Signup and view all the answers

    Which deduction is categorized as a voluntary deduction?

    <p>Union Dues</p> Signup and view all the answers

    What is the meaning of 'EXEMPT' as indicated by Francesca on her W-4?

    <p>No federal taxes will be withheld from her income.</p> Signup and view all the answers

    What is Francesca's Gross Pay for each semi-monthly pay period?

    <p>$1,791.67</p> Signup and view all the answers

    Which of the following is a statutory deduction?

    <p>Federal Tax Withholding</p> Signup and view all the answers

    How much is Francesca's Net Pay for each pay period after deductions?

    <p>$1,634.90</p> Signup and view all the answers

    What is SSA an abbreviation for in the pay stub context?

    <p>Social Security</p> Signup and view all the answers

    How many paychecks will Francesca receive in a year if she is paid semi-monthly?

    <p>24</p> Signup and view all the answers

    If Francesca needs to change her W-4, what should she do?

    <p>File a New W-4 Form immediately.</p> Signup and view all the answers

    What is the net pay for the employee after deductions?

    <p>$2,743.75</p> Signup and view all the answers

    How much is withheld for state tax from each paycheck?

    <p>$150.00</p> Signup and view all the answers

    Calculate the Box 1 wages for the W-2 form after 401(k) contributions are made, given gross wages of $97,000 and contributions of 20%.

    <p>$77,600</p> Signup and view all the answers

    What is the total amount withheld for federal taxes by the end of the year?

    <p>$7,200.00</p> Signup and view all the answers

    Which of the following is NOT a benefit of contributing to a company's 401(k) plan?

    <p>Free healthcare insurance</p> Signup and view all the answers

    What is the total deduction amount for the employee for the current pay period?

    <p>$756.25</p> Signup and view all the answers

    If an employee's gross salary is $84,000 annually and they are paid semimonthly, how much do they earn in a single pay period?

    <p>$3,500.00</p> Signup and view all the answers

    Which of the following accurately reflects the OASDI deduction for the current pay period?

    <p>$217.00</p> Signup and view all the answers

    How much will John Doe receive for 16 hours of overtime worked?

    <p>$0</p> Signup and view all the answers

    What is the purpose of the I-9 form?

    <p>To verify identity and work authorization</p> Signup and view all the answers

    Which of the following statements about the W-4 form is true?

    <p>It indicates how much federal income tax should be withheld.</p> Signup and view all the answers

    Which statement about OASDI for 2024 is true based on the table provided?

    <p>The cap for OASDI wages is $168,600.</p> Signup and view all the answers

    If an employee has wages of $12,550 from one job and $5,000 from another, what is required?

    <p>They must file a tax return.</p> Signup and view all the answers

    If you are self-employed, what is true about FICA taxes?

    <p>You must pay twice the amount of FICA taxes.</p> Signup and view all the answers

    When is the W-2 form required to be completed by the employer?

    <p>By January 31st of the next year.</p> Signup and view all the answers

    If you are over-withheld on federal taxes, what must you do to receive the excess amount back?

    <p>You must file a tax return and request a refund.</p> Signup and view all the answers

    Study Notes

    • Personal finance, earnings income, unit 23, day 4, homework assignment.

    Charlie's Gross Pay

    • Charlie earns $13.50 per hour at a retail store.
    • She worked 48 hours this week.
    • Regular pay (40 hours): $540.00
    • Overtime pay (8 hours): $162.00
    • Total gross pay: $702.00

    Amanda's Gross Pay

    • Amanda earns $12.20 per hour.
    • She worked 52 hours.
    • Regular pay: $488.00
    • Overtime pay: $219.60
    • Total gross pay: $707.60

    Steve's Gross Pay

    • Steve earns an annual salary of $68,000.
    • He is paid weekly.
    • He worked 60 hours last week.
    • Gross weekly pay: $1307.69

    Pay Period vs. Pay Date

    • Pay Period: The interval of time for which an employee is paid.
    • Pay Date: The date on which an employee receives their paycheck.

    Salaried Employee Features

    • Positive: Fixed pay amount each pay period. Easy to budget.
    • Negative: No extra compensation for overtime work.

    Overtime Rates

    • Overtime pay is 1.5 times the hourly rate.
    • Different hourly rates have different overtime rates shown in data.

    Statutory Deductions

    • Federal Tax Withholding (FIT WH)
    • State Tax Withholding (SIT WH)
    • Social Security (OASDI)
    • Medicare
    • CA State Disability Insurance (CASD)

    FICA

    • Federal Insurance Contributions Act.

    Social Security

    • Old Age Survivors Disability Insurance (OASDI)

    Year to Date (YTD)

    • A measure of accumulated amounts over a period.

    Statutory Deductions

    • Required by law.

    Voluntary Deductions

    • Not required by law.

    Overtime Pay

    • Paid at 1.5 times the regular hourly rate.
    • Determined by Fair Labor Standards Act (FLSA).

    Additional Information

    • Employee pay stubs
    • Pay period length and pay date are details in the provided OCR data..
    • YTD net pay data are provided, showing yearly total earnings.
    • Additional details include employee information, calculations, and statutory information.

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    Description

    This quiz covers the concepts of gross pay calculations for employees, including regular and overtime pay. It features examples with specific earnings and details on pay periods versus pay dates, helping students understand personal finance better. Test your knowledge of salary structures and overtime rates with this assignment.

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