Getting Paid Math 07-11-17.pdf - Page|16 2.3.9.A1...

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Unformatted text preview: Page | 16 2.3.9.A1 Getting Paid Math Total Points Earned 30 Total Points Possible Percentage Name Emily Stephens Date 7/29/17 Class CCFE Directions: Answer the following questions to provide information for the paycheck. Hint: A way to double check your work is to add your deductions and your net income. If they do not equal your gross income, then you need to recalculate. Gross Income = Net Income + Deductions Part 1: Joe’s Hourly Pay Stub In the last pay period, Joe worked 80 hours earning $12 per hour. Use the work space and math tips to answer questions 1‐5 to calculate Joe’s pay stub amounts. Pay stub categories Work Space & Math Tips Pay stub amounts What is Joe’s gross pay? 1. 960 80 hours x $12 per hour = 960 What is Joe’s Social Security deduction (6.2% of gross pay)? What is Joe’s Medicare deduction (1.45% of gross pay)? In addition to Social Security and Medicare if Joe had $46 in Federal Income Tax, $21 in State Income Tax and $65 in employee benefits withheld from his paycheck, what were Joe’s total deductions? What was Joe’s net pay? 59.52 960 Gross pay___________ x .062 = 13.92 960 Gross pay___________ x .0145 = 59.52 Social Security__________ + 13.92 Medicare__________ + $46 Federal Income Tax + $21 State Income Tax + $65 employee benefits = 2. 59.52 3. 13.92 4. 205.44 5. 754.56 205.44 960 Gross pay__________ ‐ total deductions 205.44 _______ How much will Joe’s employer pay per pay period for Medicare and Social Security? same amount that joe pays; 205.44 © Take Charge Today – April 2014 – Getting Paid Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 17 2.3.9.A1 Part 2: Edwin’s Salary Pay Stub Edwin has a $60,000 annual salary and is paid monthly. Use the work space and math tips to answer questions 6‐10 to calculate Edwin’s March pay stub amounts. Then, calculate the year‐to‐date amounts. Pay stub categories Work Space & Math Tips March Pay stub amounts 6. What is Edwin’s monthly gross pay? 5000 $60,000 annual salary / 12 months per year = What is Edwin’s Social Security deduction (6.2% of gross pay)? 310 5000 Gross pay___________ x .062 = What is Edwin’s Medicare deduction (1.45% of gross pay)? In addition to Social Security and Medicare if Edwin had $413 in Federal Income Tax, $209 in State Income Tax and $250 in employee benefits withheld from his paycheck, what were Edwin’s total deductions? What was Edwin’s net pay? 7. 310 72.50 5000 Gross pay___________ x .0145 = 310 Social Security__________ + Medicare__________ + $413 Federal Income 72.50 Tax + $209 State Income Tax + $250 employee benefits = 5000 Gross pay__________ ‐ total deductions _______ 1254.50 8. 72.50 9. 1254.50 10. 3745.50 Edwin is paid monthly. He earns the same amount and has the same deductions each month. Use the answers calculated in questions 6‐10 to determine his year‐to‐date in each category. This is Edwin’s 3rd paycheck of the year. Pay stub categories Work space Year‐to‐date amounts in Edwin’s March pay stub Gross pay 11. 180000 5000 Social Security 12. 13. 14. 15. 310 Medicare 72.50 Total deductions 1254.50 Net pay 3745.50 11160 2610 45162 134838 © Take Charge Today – April 2014 – Getting Paid Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 18 2.3.9.A1 Part 3: Zoe’s Pay Stub Zoe began working January 1 and her employer needs your assistance to complete the calculations for her pay stub. Because Zoe works part‐time, her employer does not offer benefits including health insurance, retirement and accruing employee leave time. Complete the calculations for her pay stub to fill in the paystub below. Use information from the pay stub to answer questions 16‐20. Employee Information Pay Date 4/11/2013 Name Identification Number Address Pay Rate Pay Period Zoe Dashwood 0012345 7961 North Road $13.50 3/1 – 3/31/2013 (monthly) Summary Gross Income Total Personal Deductions Net Income 913 913 Current 1080 167 YTD 1080 167 Earnings Type Rate Hours Current YTD Regular $13.50 80 1080 167 Overtime 0 0 0 0 Deductions Type Personal Deduction Employer Contribution Federal income tax $58.43 0 State income tax $26.00 0 Social Security and Medicare 82.57 $82.62 Workers’ compensation 0 $6.21 Unemployment insurance 0 $2.81 16. What is Zoe’s gross pay? 17. What is Zoe’s year‐to‐date gross pay? 18. What is Zoe’s Social Security and Medicare deduction? 19. What are Zoe’s total deductions? 167 20. What is Zoe’s net pay? 1080 913 82.57 913 © Take Charge Today – April 2014 – Getting Paid Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
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