VALENCIA MTB 1103 - Study Guide

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Differential pay means that there is one fixed rate per unit that is produced False An override can never help increase a manager s total pay False an individual s marital status affects the amount an employer deducts for federal income tax True The more allowances an individual claims the less money their employer deducts from the individual s paycheck for federal income tax True Lee Wong is a sales clerk at Sears She is paid 8 00 per hour plus a commission of 4 on all sales Assuming Lee works 39 hours and has sales of 4 000 her gross pay is 472 Jill Hartman earns 750 per week plus 3 of sales in excess of 6 500 If Jill sells 25 000 in the first week her earnings are 1305 Bill Burne s earnings are subject to deductions for Social Security Medicare and FIT To date his cumulative earnings are 110 000 This week Bill earns 1 200 Bill who is married is paid weekly and claims three exemptions Assume the Social Security rate is 6 2 on 118 500 and 1 45 for Medicare His net pay for the week is Use Table 7 1 and Table 7 2 1005 30 Jeff Jones earns 1 200 per week He is married and claims four withholding allowances The Social Security rate is 6 2 on 118 500 and Medicare is 1 45 To date his cumulative wages are 6 000 Each paycheck his employer also deducts 42 50 for health insurance What is his net pay Calculate FIT by percentage method Use Table 7 1 and Table 7 2 Round your intermediate calculations and final answer to the nearest cent 974 34 Alvin Shore sells jewelry at Ross Jewelers Ross pays Alvin 8 50 per hour plus a 6 commission on all sales Assume Alvin works 36 hours and had sales of 4 900 What is Alvin s gross pay Enter your answer as a whole dollar amount 600 Aley Company pays all its employees based on a graduated commission scale 3 on the first 30 000 sales 5 on sales from 30 001 to 110 000 and 7 on sales more than 110 000 Jim Jones an employee of Aley had 130 000 in sales What commission did Jim earn Enter your answer as a whole dollar amount 6300 Paula Ryan pays her two employees 410 and 650 per week Assume a state unemployment rate of 5 9 and a federal rate of 6 What state and federal unemployment tax will Paula pay at the end of Quarter 1 and Quarter 2 Round your answers to the nearest cent State unemployment Quarter 1 727 47 Quarter 2 98 53 Federal unemployment Quarter 1 73 98 Quarter 2 10 02 Mike Goldsmith is paid 7 25 per hour Last week he worked 40 hours and this week 60 hours Calculate Mike s pay for each week time and a half over 40 hours Do not round intermediate calculations Round Week 2 to 2 decimal places 290 00 507 50 Jim Push a manager for Marvy Co has weekly earnings subject to deductions for Social Security Medicare and FIT Before this payroll Jim is 500 below the maximum level for Social Security What will his net pay be if he earns 760 Jim is married and claims one exemption Use the percentage method Use a Social Security tax rate of 6 2 on a 118 500 base Use a Medicare tax rate of 1 45 with no base Use Table 7 1 and Table 7 2 Round your final answer to 2 decimal places 658 01 Calculate the gross pay for Ryan Campbell an apple picker based on the following differential scale Ryan picked 7 250 apples during this pay period Enter your answer as a whole dollar amount 1 1 000 06 1 000 2 000 08 2 000 4 000 10 Over 4 000 12 730 Using table 7 3 calculate the tax liability for a married taxpayer filing a joint return with a taxable income of 32 500 Round your final answer to the nearest cent 3947 50 Sellers of goods and service must forward the sales tax they collect to the appropriate government agency True Excise tax is a tax paid in addition to sales tax True Assessment value equals assessment rate x market value True The tax rate per dollar is never rounded up False Jack Matthews bought a new diamond ring for 20 000 Sales tax is 5 with a 10 excise tax The total price including taxes that Jack paid is 23 000 The tax rate per dollar of 0984 can be expressed as how many mills 98 40 Mike s condo has a market value of 310 000 The property in Mike s area is assessed at 40 of the market value The tax rate is 145 10 per 1 000 of assessed valuation The tax for Mike is 17 992 40 The home of Russell Slater is assessed at 140 000 The tax rate is 11 8 mills The actual amount of tax on Russell s home is 1 652 Calculate tax rate per dollar six decimal places City Reese Total Assessed Rate 48 000 000 Budget Required 895 000 018646 John s Market is assessed for 95 000 The current tax rate is 92 45 per 1 000 of assessed value Calculate the tax due Round your final answer to the nearest cent 8 782 75 Bea Bonnet bought a new Apple computer for 1 250 99 This price included a 6 sales tax What is the actual selling price before the tax as well as the sales tax amount Round your intermediate calculations and final answer to the nearest cent 1 180 18 70 81 The home of Al Gard is assessed at 70 000 The tax rate is 6 15 mills What is the tax on Al s home Round your final answer to the nearest cent 430 50 Calculate A actual sales and B sales tax Round your final answer to the nearest cent Total sales 1 200 15 includes a 5 tax 1 143 00 57 15 Al s Garage has a market value of 425 000 The property in Al s area is assessed at 40 of the market value The tax rate is 148 50 per 1 000 of assessed valuation Find the tax for Al Round your answer to the nearest cent 25 245 00 John Rich purchased a ring for a retail price of 13 000 There is a sales tax of 7 along with a 10 excise tax What is the total cost to John Round your answer to the nearest cent 15 210 00 Dollar markdowns represent price increase to the original selling price False Gap sells jeans that cost 21 00 for a selling price of 29 95 The percent markup based on cost is 42 62 An Apple iPad sells for 699 00 on eBay The markup is 30 on cost What is the seller s cost 537 69 Straub s Bakery makes 200 Danish cakes that cost 2 70 each Straub s needs a 66 markup …


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