Tamara earns her living as a salary plus commission employee. Her annual salary is $48,000, and she earns 4% commission on all sales she makes. If Tamara wants to make a total of $6,000 this month, how much in sales does she need to have? a. $30,000 b. $50,000 c. $100,000 d. $150,000 Please select the best answer from the choices provided
An employee makes an hourly rate plus any tips they earn. This tip employee made a total of $400 by working 28 hours last week. If $253 of their total earnings was their tips, what is their hourly rate of pay?a.$5.25b.$5.61c.$8.82d.$9.04
Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha’s gross pay.a.$7.54b.$65.37c.$75.37d.$75.40
Leroy's total job benefits were $50,150 last year. His total job expenses for traveling and for professional development for the year were $3,500. Which of the following represents his total employment compensation? a. $46,650 b. $47,650 c. $50,150 d. $53,650 Please select the best answer from the choices provided
Chloe receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is 6.2% of gross pay, Medicare tax is 1.45% of gross pay and state tax is 23% of federal tax, determine if Chloe's net pay is correct. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY9/10$856.00 $80.00 $53.07 $12.41 $18.40$692.12Choose the true statement below.a.The net pay is correct.b.The Social Security tax is not correct.c.The Medicare tax is not correct.d.The state tax is not correct.
If total employee benefits are calculated as a percentage of their gross pay, which of the following employees receives the largest percentage of their gross pay in employee benefits? a. Employee A: gross pay $32,600 , total job benefits $33,600 b. Employee B: gross pay $32,900 , total job benefits $34,000 c. Employee C: gross pay $33,400 , total job benefits $33,900 d. Employee D: gross pay $33,700 , total job benefits $34,700 Please select the best answer from the choices provided
The earnings of two employees are given below:Employee A: 6% commission on all salesEmployee B: 4% commission on the first $80,000 and 8% on anything over $80,000How much more does a straight commission employee make than the graduated commission employee for sales of $100,000? a.$1,200b.$1,600c.$2,000d.$3,200
Choose the method of pay that would result in the most earnings for one month on sales of $60,000.a.Straight commission of 6% on all sales.b.Monthly salary of $1,500 plus 3% commission on all sales.c.Graduated commission of 4% on the first $50,000 in sales and 10% on anything over that.d.Graduated commission of 5% on the first $40,000 in sales and 9% on anything over that.
Lauren has gross pay of $765 and federal tax withholdings of $68. Determine Lauren's net pay if she has the additional items withheld: Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay State tax that is 22% of her federal tax a. $691.52 b. $666.21 c. $636.98 d. $623.52 Please select the best answer from the choices provided
A graduated commission employee makes 3.5% interest on the first $50,000 in sales and 6.5% interest on all sales over $50,000. Which of the following expressions represents the employee’s total earnings on $81,500 in sales?a.(0.035)(50,000) + (0.065)(81,500)b.(0.035)(50,000) + (0.065)(31,500)c.(0.35)(50,000) + (0.65)(31,500)d.(3.5)(50,000) + (6.5)(31,500)
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim? a. 3 b. 4 c. 5 d. 6 Please select the best answer from the choices provided
Last year Lenny had an annual earned income of $58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Lenny’s total gross income for the year?a.$58,475b.$59,730c.$60,985d.$62,080
Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income.a.capital gainsb.earnedc.hourlyd.passive
Miguel paid a total of $12,000 for stock that was $8 per share. If he sold all his shares for $15,000, how much profit on each share did he make?a.$2b.$8c.$10d.$12
Last year Frank had a total income of $58,800. He sold a house and made a profit of $27,940. He also had monthly income of $80 from investments. Assuming Frank works 25 hours per week and 52 weeks per year as an hourly employee, how much more an hour would Frank had to have earned last year in order to have a total income of $59,970? a. $0.63 b. $0.72 c. $0.80 d. $0.90 Please select the best answer from the choices provided
A statement of an employee's biweekly earnings is given below. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY9/10$_____ $98.00 $52.88 $12.37 $22.54$667.17What is the employee's gross pay?a.$818.05b.$830.42c.$840.59d.$852.96
Chuck has a gross pay of $815.70. By how much will Chuck’s gross pay be reduced if he has the following items withheld?federal tax of $56Social Security tax that is 6.2% of his gross payMedicare tax that is 1.45% of his gross paystate tax that is 19% of his federal taxa.$73.04b.$129.04c.$235.51d.$273.38
Employee benefits ______.a.decrease total employment compensationb.increase total employment compensationc.decrease net payd.increase net pay
The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $780 and claims 6 exemptions. How does their net pay change due to the federal income tax withheld? a. No federal income taxes are withheld. b. They will add $11 to their gross pay. c. They will subtract $11 from their gross pay. d. They will add $13 to their gross pay. Please select the best answer from the choices provided
Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income.a.capital gainsb.earnedc.hourlyd.passive
Miguel’s employer pays $1,825 in health insurance and $93 in life insurance per year. He also gets $2,860 in paid time off per year. His monthly gross pay is $3,890. What are Miguel’s total employee benefits per year? a. $51,458 b. $46,680 c. $8,668 d. $4,778 Please select the best answer from the choices provided
Which of the following companies offers the greatest total employment compensation? Company A Gross pay $38,200 Insurance $3,500 Paid time off $4,100 Company B Gross pay $39,000 20% of gross pay in total employee benefits Job expenses $700 Company C Gross pay $39,900 Insurance $3,200 Paid time off $3,900 Job expenses $1,000 Company D Gross pay $39,400 18% of gross pay in total employee benefits a. Company A b. Company B c. Company C d. Company D Please select the best answer from the choices provided
Athena priced each of her art pieces at the same price and displayed them for sale in two different art shows. She made $495.80 from the first art show and $371.85 from the second show. If Athena sold 7 pieces of art, what price did each piece sell for?a.$109.52b.$109.66c.$123.81d.$123.95
Casey has a job doing valet parking. Casey makes an hourly rate of $4.55 per hour plus tips. Last week Casey worked 26 hours and made $898.55. How much in tips did Casey earn last week?a.$34.56b.$118.30c.$157.25d.$780.25
Kai had a gross weekly paycheck of $616 last week. Kai worked 6 hours for 4 of the days and 8 hours on 1 day. What is Kai's hourly rate of pay?a.$16.21b.$19.25c.$20.53d.$25.67
Sally earns graduated commission on her sales each month. She earns 6% commission on the first $45,000 in sales and 8% on anything over that. If Sally had $51,000 in sales this month, how much commission did she earn?a.$4,080b.$3,180c.$3,060d.$2,820
The table below shows the earnings, in thousands of dollars, for three different commissioned employees. $2,000 + 3% on all sales7% on all sales5% on the first $40,000 + 8% on anything over $40,000December4.45.65.2January3.53.853.6February4.74.94.4Who had the largest dollar amount in sales for the month of January?a.The salary plus commission employee.b.The straight commission employee.c.The graduated commission employee.d.They each had the same dollar amount in sales.
Which of these is an example of an employer using benefits to encourage employees to stay with the company?a.The employer provides paid time off, which the employee must use in the calendar year.b.The employer provides benefits which are in line with the standard benefits provided by other employers in the industry.c.The employer matches the amount of money that the employee pays towards Social Security.d.The employer offers stock options, which require the employee to work for a specific amount of time before they vest.
The table below shows the typical hours worked by employees at a company. A salaried employee makes $67,000 per year. Hourly employees get paid $25 per hour, but get $37.50 per hour for each hour over 40 hours.Sun.Mon.Tues.Wed.Thurs.Fri.Sat.0108876.54.5Which of the payment options would you recommend to a new employee?a.Either one. Hourly and salaried employees earn the same amount per week.b.Hourly pay. Hourly employees make more per week than salaried employees.c.Salaried pay. Salaried employees make more per week than hourly employees.d.There is not enough information given to compare weekly earnings.
Use the tax table to help answer the following question. Luce is single and making $763 biweekly. She claims no federal withholding allowances. If the state tax is 19% of the federal tax, how much in state tax does Luce contribute? a. $12.92 b. $15.13 c. $15.77 d. $16.34 Please select the best answer from the choices provided
The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $840 and claims 5 exemptions. How will federal taxes affect his net pay? a. Federal taxes will not affect the net pay. b. Net pay will increase $11 from the gross pay. c. Net pay will decrease $11 from the gross pay. d. Net pay will decrease $13 from the gross pay. Please select the best answer from the choices provided
Which of the following is always a true statement? a. total employee benefits - job expenses = total employment compensation b. gross pay + total job benefits = total employment compensation c. gross pay - job expenses = total employment compensation d. total job benefits - job expenses = total employment compensation Please select the best answer from the choices provided
The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Employee #1 $2,000 + 3% on all sales Employee #2 7% on all sales Employee #3 5% on the first $40,000 + 8% on anything over $40,000 December 4.4 5.6 5.2 January 3.5 3.85 3.6 February 4.7 4.9 4.4 Which employee did not have the same dollar amount in sales for the month of February as the other two employees? a. Employee #1. b. Employee #2 c. Employee #3 d. They each had the same dollar amount in sales. Please select the best answer from the choices provided
Selina claims single having one exemption. Her state tax deduction is 21% of her federal tax contribution. Calculate the amount of state tax Selina owes if her gross pay for two weeks is $840. The following federal tax table is for biweekly earnings of a single person. a. $16.17 b. $16.80 c. $32.34 d. $33.60 Please select the best answer from the choices provided
Which of the following employees has the greatest total employee compensation?a.Employee A: total job benefits $68,100 and total job expenses $100b.Employee B: total job benefits $68,400 and total job expenses $300c.Employee C: total job benefits $68,700 and total job expenses $800d.Employee D: total job benefits $69,000 and total job expenses $1,000
A restaurant worker earns a set amount per hour from their employer. They also receive tips from customers. Their earnings most closely resemble those of which of the following? a. An employee working on straight commission b. An employee working on commission plus salary c. An employee working on a piece-rate basis d. An employee working on a fixed salary Please select the best answer from the choices provided
Erica sells magazine subscriptions and makes a flat rate of $5.35 for each subscription she sells. If Erica made $42.80 on Monday, $64.20 on Tuesday and $74.90 on Wednesday, how many subscriptions did she sell in the three days?a.32b.33c.34d.35
Marquis has a gross pay of $816. By how much will his gross pay be reduced if Marquis has the following items withheld?federal tax of $92Social Security tax that is 6.2% of his gross payMedicare tax that is 1.45% of his gross paystate tax that is 22% of his federal taxa.$82.66b.$129.13c.$164.01d.$174.66
Marisol receives total employee benefits that are 14.5% of her gross annual pay. If Marisol has a gross annual pay of $50,000, how much in total employee benefits does she receive?a.$72.50b.$725c.$7,250d.$57,250
Which of the following would affect an employee’s net pay?a.Opting out of their employer’s dental insurance plan and putting the money saved into their employer’s health insurance planb.Claiming a different number of dependents and thereby reducing their income tax withholdings c.Getting a raise and putting the extra money into a 401(k) pland.Receiving a bonus in the form of extra vacation days
Scott earns $16.85 per hour at his job. He works 7 hours per day, 4 days per week. What is Scott’s gross monthly income for 4 weeks?a.$471.80b.$943.60c.$1,415.40d.$1,887.20
The table below shows the typical hours worked by employees at a company. A salaried employee makes $50,000 per year. Hourly employees get paid $20 per hour, but get $30 per hour for each hour over 40 hours.Sun.Mon.Tues.Wed.Thurs.Fri.Sat.08899.57.54Which of the payment options would you recommend to a new employee?a.Either one. Hourly and salaried employees earn the same amount per week.b.Hourly pay. Hourly employees make more per week than salaried employees.c.Salaried pay. Salaried employees make more per week than hourly employees.d.There is not enough information given to compare weekly earnings.
Use the tax table below to answer the following question. Consider cases where the number of withholding allowances is less than 6. Which will cause the amount of federal income tax withheld to increase? a. Gross pay stays the same and withholding allowances increase. b. Gross pay increases by more than $20 and withholding allowances stay the same. c. Gross pay increases by more than $20 and withholding allowances increase. d. Gross pay decreases by more than $20 and wit
Max has a monthly salary of $1,100 and also earns 7.5% commission on his sales. If Max had $43,000 in sales last month, what were his total earnings for the month?a.$3,225b.$4,050c.$4,325d.$5,150
Which of the following companies offers the greatest total employment compensation? Company ACompany BCompany CCompany DGross Pay$37,600$36,800$38,100$39,000Paid insurance$2,800$2,400$2,100$1,800Paid time off$3,100$3,600$2,900$2,500Job expenses$1,200$600$300$800a.Company Ab.Company Bc.Company C d.Company D
An employee has an annual salary of $51,300. They receive $2,830 in health insurance and $4,600 in paid time off per year. They drive their personal vehicle for work which costs them $600 per month, but the company reimburses them $0.54 per mile for the total work miles driven. If the employee drives 36,000 miles for work for the year, what will be their total employment compensation?a.$70,740b.$70,970c.$77,570d.$78,170
Earned income and capital gains (or "portfolio income") are acquired in different ways. Which statement describes how they are different? a. Earned income and capital gains are both based on the number of hours you work. b. Earned income is payment for employment, while capital gains are produced by your investments. c. Capital gains are received if you manage the company, but earned income is received if you are an employee of the company. d. Earned income is when you make the investment directly, but capital gains are when someone else has managed your investments. Please select the best answer from the choices provided
Which of the following is the best thing to consider when making comparisons between job offers?a.gross payb.total employee benefitsc.total job benefitsd.total employment compensation
Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn’s net pay will be affected if she increases her federal withholding allowances from 3 to 4. a. Her net pay will increase by $15.00. b. Her net
The gross pay, benefits and job expenses for two different employees are shown below.Employee A: gross pay $57,200, employee benefits $5,300, job expenses $800Employee B: gross pay $56,900, employee benefits $6,200, job expenses $1,400Which of the following is a true statement?a.The total employment compensations for the two employees are the same.b.The total employment compensation for employee A is less than that of employee B.c.The total employment compensation for employee A is greater than that of employee B.d.The total employment compensations for the two employees can not be compared..
Trevor’s total employment compensation is $33,500. If Trevor has no job expenses and his gross pay is $28,600, then his total employee benefits are _____% of his gross pay.a.4.9b.8.5c.14.6d.17.1
Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary’s gross pay.a.$6.49b.$8.38c.$64.93d.$83.78
Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is 6.2% of gross pay, Medicare tax is 1.45% of gross pay and state tax is 19% of federal tax, determine if Juanita's net pay is correct. EarningsDeductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH.NET PAY11/17$1,020.00 $107.00 $63.24 $14.79 $20.33$814.64Choose the true statement below.a.The net pay is correct.b.The Social Security tax is not correct.c.The Medicare tax is not correct.d.The state tax is not correct.
Which of the following is an example of a passive income? a. receiving money from selling stocks b. receiving royalties from writing a book c. making money from selling a motorcycle d. making money by getting paid a salary Please select the best answer from the choices provided
Loretta’s income last year was $81,300. She made $56,800 at her salaried job and had additional passive income. If Loretta earned the same amount of passive income each month for the entire year, approximately how much per month was it?a.$2,040b.$2,125c.$4,730d.$6,775
Luis makes $23.10 per hour at his job for the first 40 hours he works each week. If he works more than 40 hours, then Luis makes $34.65 per hour. If Luis works 46 hours in one week, how much does he earn?a.$1,062.60b.$1,097.25c.$1,131.90d.$1,593.90
The table below shows the typical hours worked by employees at a company. A salaried employee makes $78,000 per year. Hourly employees get paid $26 per hour, but get $39 per hour for each hour over 40 hours.Sun.Mon.Tues.Wed.Thurs.Fri.Sat.088.59.51083Which of the payment options would you recommend to a new employee?a.Either one. Hourly and salaried employees earn the same amount per week.b.Hourly pay. Hourly employees make more per week than salaried employees.c.Salaried pay. Salaried employees make more per week than hourly employees.d.There is not enough information given to compare weekly earnings.
Use the tax table below to answer the following question. Consider cases where the number of withholding allowances is less than 6. Which will cause the amount of federal income tax withheld to increase? a. Gross pay stays the same and withholding allowances increase. b. Gross pay increases by more than $20 and withholding allowances stay the same. c. Gross pay increases by more than $20 and withholding allowances increase. d. Gross pay decreases by more than $20 and withholding allowances stay the same. Please select the best answer from the choices provided
The total amount of deductions from an employee’s gross pay is $83.20. If the gross pay is $378.18, what percent of their gross pay is being withheld?a.21%b.22%c.23%d.24%
Padraig is a financial advisor. He earned a salary of $80,000 last year and sold stocks for $5,000. Which of the following types of income did Padraig have?I earned incomeII passive incomeIII capital gains incomea.I and IIb.I and IIIc.II and IIId.III
Which of the following statements is always true? a. Workers being paid on commission make less money than if they are salaried. b. Workers being paid on commission have a salary that varies based on their performance. c. Workers being paid on commission are stressed over the amount of earnings they will have. d. Workers being paid on commission increase the accounting costs of the employer. Please select the best answer from the choices provided
Mr. Gonzalez earns his living as a salary plus commission employee. His annual salary is $18,000. He makes 4% commission on all of his sales. Mr. Gonzalez wants to earn $60,000 this year. If his earnings are divided evenly throughout the year, how much in monthly sales would Mr. Gonzalez need to have?a.$37,500b.$87,500c.$100,000d.$125,000
Byron is a wealthy tycoon who makes his money buying and selling stocks. This is an example of _____ income.a.capital gainsb.earnedc.hourlyd.passive
Brendon had total job benefits of $39,500 last year. He was required to wear a shirt with the company logo on it for work that he was responsible for buying. Brendon purchased 12 shirts for work during the year at a cost of $23.95 each. He was also required to attend a training at a cost to him of $135. What was Brendon’s total employment compensation last year?a.$39,077.60b.$39,212.60c.$39,341.05d.$39,922.40
If gross pay increases by $500, total employee benefits increase by $200 and total job expenses decrease by $300, then total employment compensation _____. a. increases by $400 b. increases by $700 c. increases by $800 d. increases by $1,000 Please select the best answer from the choices provided
Did you find these answers helpful?
Employee Benefits
Gross Pay vs. Net Pay
