practice free response - first $62,700 of salary. If Hank...

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Math Money Management Practice Free Response Name ________________________ Please answer the questions fully! You may use your book on the practice part, but not on the exam (except for the tables you need to use). 1) Explain what FICA stands for. On your paycheck, which deductions compose FICA? 2) Hank Sinclair is married and claims 2 deductions. He earns a weekly salary of $545.00 Assume state tax is 2.5% of gross pay, medicare is 1.45% of all income, and Social security is 6.2% of the
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Unformatted text preview: first $62,700 of salary. If Hank pays $15.50 weekly for medical insurance and contributes $10.00 weekly for union dues, calculate his net pay for 1 week. (EXPLAIN how this is done). Hint: Federal tax = ______ (use the correct table from pp. 63-64) – you do the rest! *********************************************************************************** Do not write below this line Content = _____/6 Reasoning/problem solving = ____/6 Communication = _____/6...
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.

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practice free response - first $62,700 of salary. If Hank...

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