Chapter 2 Test - Money Management Chapter 2 Test Name:_...

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Money Management Name:_______________________ Chapter 2 Test Date:______________Period:____ For questions (1-9), use the social security tax rate of 6.2% of the first $62,700 and Medicare tax rate of 1.45% on all income in solving. Use your tax tables to calculate the federal income tax withholdings. Use the following personal exemptions for state income tax: single--$1500 married--$3000 dependent--$700 ___________ 1. Wanda earns $525 a week. She is married and claims 1 allowance. What amount is withheld weekly for federal income tax? ___________ 2. Richard earns $23,150 annually. He is single and claims 2 allowance. What amount is withheld annually for federal income tax? ___________ 3. You currently earn $32,500 annually. You are single and claim 2 dependents. The state income tax rate is 4.2% of your taxable income. How much is withheld each month from your gross pay for state income tax? ___________ 4.
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Chapter 2 Test - Money Management Chapter 2 Test Name:_...

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