CHAPTER 2: Section 1



REVIEW:

1- John makes $53,000 per year. How much does he get paid monthly?

2- Jim makes $47,500 per year. How much does he get paid weekly?

3- Josh makes $68,294 per year. How much does he get paid semi-monthly?

4- Jack makes $72,085 per year. How much does he get paid bi-weekly?

5- Joe makes $562 per week. How much does he get paid per year?

6- Jerry gets paid $1200 semi-monthly. How much does he get paid per week?

CHAPTER 2: Section 1 FEDERAL INCOME TAX

1. Define the following:

a. Federal

b. Income

c. Tax

2. What is Federal Income Tax? (FIT)

3. Examples of what FIT pays for:

4. Who tells the employers how much money to withhold from an employee’s paycheck?

5. What do you need to know about a person before you can determine their Federal Income tax?

Example problems:

6. How much is withheld from the weekly wage of a married man earning $297 per week with one withholding allowance?

7. How much is withheld from the weekly wage of a single person earning $318 per week with 5 allowances?

8. Sam is married and earning $$20,500 per year with 2 allowances.

a. What is his weekly wage?

b. How much is withheld from Sam’s weekly wage FIT?

c. How much is withheld ANNUALLY for Sam for FIT?

d. Sam is paid monthly. How much is withheld monthly?

9. Melanie is single and earning $15,436 per year with no allowances.

a. What is her weekly wage?

b. How much is withheld from her weekly wage for FIT?

c. How much is withheld annually for FIT for Melanie?

d. Melanie is paid bi-weekly. How much is withheld from each paycheck?

10. Karen makes $62,340 per year. She is married with 3 allowances

a. How much is taken out of her weekly wage for FIT?

b. How much is taken out of her semi-monthly paycheck for FIT?

11. Liz makes $1910 semi-monthly. She is single with 1 allowance. How much is taken out of her paycheck for FIT?

Book problems: p. 117 #8, 9, 11, 13, 15

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download