Multiple Choice Identify the
choice that best completes the statement or answers the question.
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Use the payroll statement.
NAME | | | | | | | | Al Smith | PAY ENDING | PAY
DATE | DEPARTMENT | NET PAY | EARNINGS STATEMENT | 5/31 | 5/31 | 401 | 2441.87 | HRS | RATE | AMOUNT | PAYROLL TAX
WITHHELD | 174 | 19.25 | 3349.50 | FEDERAL | SOC.
SEC. | HEALTH INS. | MEDICARE | 401K | | | | 430.35 | 199.58 | 130.54 | 46.67 | 100.49 | | | | YEAR TO DATE | YTD GROSS
PAY | GROSS PAY | FEDERAL | SOC.
SEC. | HEALTH INS. | MEDICARE | 401K | 16747.50 | 3349.50 | 2151.75 | 997.90 | 652.70 | 233.35 | 502.45 | | | | | | | | | | | | EMPLOYEE ID
NO. | | | | DEPT. | CHECK NO. | PAY DATE | | | 390-9247 | PAYROLL
CHECK | 401 | 13725 | 5/31 | | | | | | | | | | | | | PAY EXACTLY | ***TWO THOUSAND FOUR HUNDRED FORTY ONE AND
87/100*** | DOLLARS | | | | | | | | | | | | | PAY
TO | | Al Smith | | | AMOUNT | ***2441.87 | | | THE | | 198 Any
Street | | | | | | | | ORDER OF | | My Town, FL
33622 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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1.
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What’s Al’s hourly wage?
a. | $2441.87 | c. | $40,194.00 | b. | $3349.50 | d. | $19.25 |
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2.
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What is Al’s gross pay for April?
a. | $2441.87 | c. | $19.25 | b. | $3349.50 | d. | $40,194.00 |
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3.
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How often does Al get paid?
a. | once a month | c. | every 2 weeks | b. | twice a month | d. | once a week |
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4.
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What percent does Al pay for Social Security tax?
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5.
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What percent does Al pay for Medicare tax?
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Short Answer
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You own a bookstore. A customer uses a credit card to pay the total shown on
the receipt.
SALE: | $40.00 | STATE TAX: | $ 2.40 | COUNTY TAX: | $
0.40 | TOTAL: | $42.80 | | |
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1.
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How much money is sent to the county?
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2.
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Your annual gross pay is $17,500. You contribute 2% of your gross pay to
your 401(k) and 5% pays for health insurance. You pay 12.8% for federal income tax. What amount of
federal income tax do you pay?
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