Unit Test — Unit test Answers

Use the following federal tax table for biweekly gross earnings of a single person to help answer the question below. Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim? a. 1 b. 2 c. 3 d. 4 Please select the best answer from the choices provided

Consider the following incomplete deposit slip: Description Amount ($) Cash, including coins 15 00 Check 1 62 44 Check 2 27 83 Check 3 45 75 Subtotal ?? ?? Less cash received ?? ?? Total 62 23 How much cash did the person who filled out this deposit slip receive? a. $381.23 b. $451.02 c. $88.79 d. $436.02 Please select the best answer from the choices provided

Colin wants to set up an aquarium.. He already has a tank, but needs to purchase fish, filters, and plants. If the cost of the fish is $84.79, the filters usually cost $60.45 but Colin finds them on sale for $44.75, and the cost of the plants is $18.66, determine how much of Colin’s $488.85 savings will be used to set up his aquarium.a.$289.81b.$163.90c.$340.65d.$148.20

Alissa would like to make a deposit into her savings account. She filled out a deposit ticket and handed it to the teller at her bank. The teller apologizes to Alissa and explains that she cannot accept the deposit ticket in its current form. Determine what, if anything, Alissa will have to change in order for her deposit ticket to be accepted. a. The sub total is calculated incorrectly b. Alissa forgot to sign the deposit ticket for less cash back c. The total is calculated i

Mega Bank Reconciliation Worksheet

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday a. I only b. I and II c. II and III d. III only Please select the best answer from the choices provided

A statement of an employee's biweekly earnings is given below. Earnings Deductions Week Ended Regular FED. SOC. MED STATEWITH. WITH. CARE. WITH. NET PAY 8/18 $_____ $62.00 $45.06 $10.54 $12.40 $596.80 What is the employee's gross pay? a.$703.86 b.$714.40 c.$716.26 d.$726.80

Which of the following employees has the largest gross pay? a. Employee A: Total employee benefits $1,500 Total job benefits $49,800 b. Employee B: Total employee benefits $1,050 Total job benefits $51,200 c. Employee C: Total employee benefits $1,000 Total job benefits $51,900 d. Employee D: Total employee benefits $3,000 Total job benefits $52,300 Please select the b

Theresa has $708 in her account and wishes to throw a party. She plans to include the following:PurchaseCost ($)Decorations76.92Catering150.66Musicians242.15Refreshments123.36Venue260.47When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account?a.Venueb.Musiciansc.Cateringd.Refreshments

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig’s gross pay and total employee benefits?a.His total employee benefits are 2.8% of his annual gross pay of $72,000.b.His total employee benefits are 2.9% of his annual gross pay of $68,000.c.His total employee benefits are 12.5% of his annual gross pay of $64,000.d.His total employee benefits are 13.3% of his annual gross pay of $60,000.

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

I.

On his way out to meet a friend for lunch, David realized that his financial record was not up to date. He notices that he forgot to record three transactions. The first transaction was on August 2nd in the amount of $12.32, another transaction on that same day in the amount or $52.34, and finally a transaction on August 8th in the amount of $85.35. Determine David's balance carried forward for the 8th of August using the table below and the information provided. a. $975.32 b. $899.

Jasmine has a gross pay of $754.80. By how much will Jasmine’s gross pay be reduced if she has the following items withheld?federal tax of $31Social Security tax that is 6.2% of her gross payMedicare tax that is 1.45% of her gross paystate tax that is 18% of her federal taxa.$94.32b.$192.83c.$224.60d.$323.11

What is a “closing balance?”a.The amount of money you have at the end of the statement periodb.The amount of money you have when you close your accountc.The amount of money you owe at the end of the statement periodd.The amount of money waiting to be transferred out of your account