Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Sam Takagi
Weekly salary: $435.16
Not self-employed
Find the annual amount of FICA by computing his annual salary.
$169,938.68 $16,993.87
$1,699.39
2.
Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Juan Vance
Weekly salary: $231.67
Not self-employed
Find the annual amount of FICA by computing his annual salary.
$9,047.20 $904.72
$90,472
3.
Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Vivian Delgado
Annual salary: $42,012
Not self-employed
Find the average monthly FICA by computing the average monthly salary.
$262.93 $3155.10
$525.85
4. Jo Dell is a self-employed artist who charges $25 per hour for her services. She averages 17 hours of work per week. How much FICA tax should she pay at a rate of 15.02%?
$63.84 $6,396.25
$103.45
5. Steven works for a real estate developer. In what month of the year will he make his final FICA payment if he has been earning $3,985 per month since the beginning of the year and FICA tax is collected on the first $43,800?
September July
November
6. Gross pay: $573.05
Total deductions: $229.22
What would the Net pay be?
$802.27 $343.83
$229.22
7. Gross pay: $406.96
Total deductions: $142.44
What would the Net pay be?
$549.40 $264.52
$406.96
8. Total deductions: $96.38
Net pay: $179
What would the Gross pay be?
$275.38 $82.62
$179
9. Total deductions: $98.11
Net pay: $218.36
What would the Gross pay be?
$120.25 $338.61
$316.47
Part 2
Choose the word that best completes each statement : (Each question is worth one point)
10. The number of withholding allowances a worker claims are called _________.
Deductions Gross pay
Exemptions
11. Take-home pay is another name for _________.
Net pay Gross pay
Earnings statement
12. The total amount a worker earns for a pay period is called _________.
Net pay Gross pay
Earnings statement
13. An _________ is a record of earnings and deductions.
Earnings statement Deduction
Exemption
14. _________ are the amounts withheld from a paycheck.
Exemptions FICA
Deductions
15. Social security is a common name for _________.
Deductions FICA
Exemptions
Part 3
How much FICA tax is withheld at a rate of 7.51% on these earnings? Choose the correct answer for each. (Each question is worth one point)
16. $450 at a FICA rate of 7.51%
$337.95 $3.38
$33.80
17. $2,643.75 at a FICA rate of 7.51%
$198.55 $1,985.46
$19.86
18. $17,459 at a FICA rate of 7.51%
$1,311.17 $13,111.71
$13.11
19. Alex owns a typing service, so he must pay FICA tax at the self-employed rate of 15.02% How much must he pay on an annual income of $27,450?
$41,229.90 $4,122.99
$8,256.87
20. Belle earns $386.75 weekly. She has $162.40 withheld weekly for taxes. She has $35.75 withheld weekly for personal deductions. What is her net pay each week?
$188.60 $351
$224.35
21. Ryan earns $22,600 a year. He pays 19% of his gross income for federal, state, and local taxes. He is taxed at the FICA rate of 7.65%. He has 4% of his income withheld for personal deductions. What is his net pay?
$18,306.00 $17,402.10
$15,673.10
22. Frida earns $5.25 per hour and time-and-a-half for overtime for all hours over 40 hours. How much did she earn the week she worked 48 hours?
$247.50 $273
$2,612.50
23. Craig earns $2.50 per hour plus $3.50 for each haircut he gives. He worked 7 hours and gave 4 haircuts. How much did he earn?
$31.50 $168
$46
24. Delia works from 8:00 a.m. to 4:30 p.m. and has one hour each day for lunch. How much does she earn for a five-day workweek at $4.80 per hour?
$216 $36
$180
25. One week Roger earned $425.50 regular pay and $60.50 overtime pay. His net pay for the week was $275.30. How much did he have withheld for deductions?
$761.30 $365
$210.70
26. Rachel earned $23,750 and paid a FICA tax of 7.65% How much FICA tax did she pay?
$18,168.75 $1,816.88
$181.69
27. Sherman earns $18,500 and has $2,630 withheld for taxes and $975 withheld for personal deductions. What is his net pay?
$14,895 $15,870
$17,525
28. Ophelia earns $16,750 and has $2,870 withheld for taxes and $800 withheld for personal deductions. If she gets paid biweekly, what is the net pay of each paycheck?
$1,121.25 $503.08
$517.50
29. Jasper works an average of 45 hours each week. He gets paid $4.85 per hour and time-and-a-half for all hours over 40 hours. What is his annual income?
$1,892.80 $11,979.50
$10,088
30. Maura is a self-employed artist. She averages a monthly income of $2,980. If the FICA rate is 15.02%, how much FICA tax must she pay each year?
$3,576 $227.97
$5,371.15
who work 48 1/2 hours of pay $15
10. Exemptions
11. Net pay
12. Gross pay
13. Earnings statement
14. Deductions
15. FICA
16. $33.80
17. $198.55
18. $1,311.17
19. $4,122.99
20. $188.60
21. $17,402.10
22. $273
23. $46
24. $180
25. $365
26. $1,816.88
27. $14,895
28. $517.50
29. $10,088
30. $3,576
Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
To find the annual amount of FICA, we need to compute the annual salary.
For Sam Takagi:
Weekly salary: $435.16
To find the annual salary, we can multiply the weekly salary by the number of weeks in a year:
Annual salary = Weekly salary * Number of weeks in a year
Number of weeks in a year = 52
Annual salary = $435.16 * 52 = $22,646.32
Now, we can calculate the annual amount of FICA at a 7.51% rate by multiplying the annual salary by the FICA rate:
Annual amount of FICA = Annual salary * FICA rate
FICA rate = 7.51%
Annual amount of FICA = $22,646.32 * 0.0751 = $1,699.39
Therefore, the annual amount of FICA for Sam Takagi is $1,699.39.
For Juan Vance:
Weekly salary: $231.67
Annual salary = Weekly salary * Number of weeks in a year
Number of weeks in a year = 52
Annual salary = $231.67 * 52 = $12,041.84
Annual amount of FICA = Annual salary * FICA rate
FICA rate = 7.51%
Annual amount of FICA = $12,041.84 * 0.0751 = $904.72
Therefore, the annual amount of FICA for Juan Vance is $904.72.
For Vivian Delgado:
Annual salary: $42,012
To find the average monthly FICA, we need to compute the average monthly salary.
Average monthly salary = Annual salary / Number of months in a year
Number of months in a year = 12
Average monthly salary = $42,012 / 12 = $3,501
Therefore, the average monthly FICA for Vivian Delgado is $3,501.
For Jo Dell:
Jo Dell is a self-employed artist, so the FICA rate is 15.02%.
To calculate the FICA tax, we need to multiply the hourly rate by the number of hours worked, then multiply by the FICA rate:
Hourly rate: $25
Number of hours worked: 17
Weekly earnings = Hourly rate * Number of hours worked
Weekly earnings = $25 * 17 = $425
FICA tax = Weekly earnings * FICA rate
FICA tax = $425 * 0.1502 = $63.84
Therefore, Jo Dell should pay $63.84 in FICA tax.
For Steven:
Steven earns $3,985 per month.
To find the month in which he will make his final FICA payment, we need to divide his earnings by the FICA taxable income threshold and round up to the next whole number.
FICA taxable income threshold = $43,800
Number of months until final FICA payment = FICA taxable income threshold / Monthly earnings
Number of months until final FICA payment = $43,800 / $3,985 = 11 months
Therefore, Steven will make his final FICA payment in November.
For the remaining questions, please provide the specific values for Gross pay, Total deductions, Net pay, and any relevant data needed to calculate the answers.
To find the annual amount of FICA at a 7.51% rate by computing the annual salary, you can use the following steps:
1. Start with the given weekly salary.
2. Multiply the weekly salary by the number of weeks in a year (52 weeks) to find the annual salary.
3. Multiply the annual salary by the FICA rate (7.51%) to find the annual amount of FICA.
Let's apply these steps to the given examples:
1. For Sam Takagi:
- Weekly salary: $435.16
- Annual salary: $435.16 x 52 = $22,618.32
- Annual amount of FICA: $22,618.32 x 7.51% = $1,699.39
2. For Juan Vance:
- Weekly salary: $231.67
- Annual salary: $231.67 x 52 = $12,038.84
- Annual amount of FICA: $12,038.84 x 7.51% = $904.72
3. For Vivian Delgado:
- Annual salary: $42,012
- Average monthly salary: $42,012 / 12 = $3,501
- Average monthly FICA: $3,501 x 7.51% = $262.93
4. For Jo Dell (self-employed artist):
- Hourly rate: $25
- Weekly hours: 17
- Weekly income: $25 x 17 = $425
- Annual income: $425 x 52 = $22,100
- FICA tax rate (self-employed rate): 15.02%
- FICA tax amount: $22,100 x 15.02% = $3,317.22
Please note that the other questions in the list have different scenarios and calculations involved. You can use the same steps and formulas for those as well.