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MMM_Final_Final_Collins Hill

# MMM_Final_Final_Collins Hill - Mathematical Money...

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Mathematical Money Management Semester One Final Exam 1. Use the time card shown to calculate how many hours Flipper worked during the week: EMPLOYEE TIME CARD EMPLOYEE: Flipper McGee BORK’S BURGERS WEEK OF: 4/7 – 4/11 DAY DATE IN OUT IN OUT Total Monday 4/7 8:15 11:45 12:30 5:45 8 hrs 45 min Tuesday 4/8 7:00 11:00 12:00 4:30 8 hrs 30 min Wednesday 4/9 7:30 11:45 12:15 5:45 9 hrs 45 min Thursday 4/10 8:00 12:00 1:00 4:30 7 hrs 30 min Friday 4/11 7:15 10:45 11:30 4:15 8 hrs 15 min A. 40 hrs. B. 3 42 4 hrs. C. 42 hrs D. 3 40 4 hrs 2. Frank Fry also works at Bork’s Burgers. Due to an illness, he only worked on Wednesday. His time card showed that he worked from 7:50 to 11:20 and from 12:40 to 5:25. How many hours did Frank work that week? Money Management Page 1 27.0530001

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Mathematical Money Management Semester One Final Exam 3. Barbara Bellham is a beautician. She is paid \$12.50 per regular haircut and \$24 for each perm. Find her gross pay for a week in which she gave 22 haircuts and 9 perms. 4. Mike Maddox is a car salesman. He earns \$12.50 per hour plus a commission of 3% on his total car sales. He also earns time and a half on all hours worked over 40. Find Mike’s salary for the week in which he worked 47 hours and sold cars worth a total of \$145,000. 5. Which person earns more ANNUALLY? A. Bob who is paid \$2100 semi-monthly B. Tracy who is paid \$1650 biweekly C. Mike who is paid \$2000 monthly D. John who is paid \$1400 weekly 6. You are a lab assistant earning an annual salary of \$39,650. If you are paid biweekly, what is your gross salary each pay period? Money Management Page 2 27.0530001
Mathematical Money Management Semester One Final Exam 7. John Watson earns \$457 a week. He is married and claims 2 allowances. What amount is withheld weekly for federal income tax? (use table on p. 642-643 in text) 8. Sue Brown has an annual gross pay of \$9500. She is allowed one personal exemption of \$1500 on her state tax liability. Her state tax rate is 3.5% of her taxable wages. What amount of state tax will be withheld? 9. Bill has gross pay of \$1500. He pays Social Security at a rate of 6.2% and Medicare at a rate of 1.45%. What will be his net pay? A. \$1385.25 B. \$114.75 C. \$1210 D. \$1324.75 10. Mr. Jones has an annual gross pay of \$22000. His state tax rate is 2% of his gross pay. He is required to pay social security at a rate of 6.2% and medicare at a rate of 1.45%. His federal tax obligation is \$67 each week for 52 weeks. What is his net pay for the year? Money Management Page 3 27.0530001

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Mathematical Money Management Semester One Final Exam
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