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Jeopardy. All. Money. Don’t. Take. My. Q $100. Q $100. Q $100. Q $100. Q $100. Q $200. Q $200. Q $200. Q $200. Q $200. Q $300. Q $300. Q $300. Q $300. Q $300. Q $400. Q $400. Q $400. Q $400. Q $400. Q $500. Q $500. Q $500. Q $500. Q $500. Final Jeopardy.
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Jeopardy All Money Don’t Take My Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
$100 Question from Don’t Find the deductions and net pay. Social Security is 6.2% of the first $90,000. Medicare is 1.45% of all income. Use the tax tables on pages 788-791 for federal tax. The state tax is 2% of gross pay and the local tax is 1.5% of gross pay. Don Chapman, single, 1 allowance
$200 Question from Don’t True or False. Explain your reasoning. Medicare taxes are paid on all earnings.
$200 Answer from Don’t TRUE Social Security is the one that taxes only up to $90,000 of income.
$300 Question from Don’t Find the deduction for group insurance PER PAY PERIOD. J. McDonald is a jeweler. She earns an annual salary of $40,000. Her annual medical insurance costs $4,300. Her employer pays 70 percent of the costs. How much is deducted each week from her pay check?
$300 Answer from Don’t $4300 * 0.30 = $1290 $1290/52 = $24.81
$400 Question from Don’t True or False. Explain your reasoning. It is not possible to have zero withholding allowances when calculating income tax.
$400 Answer from Don’t False – You can claim zero allowances. Look at the tables on pages 788-791. There is a column for zero allowances.
$500 Question from Don’t Use the tables on pages 788-791 when needed. Find the amount withheld for Federal Income Tax. J. Williams Married Earns $40,000 annually 2 Allowances
$500 Answer from Don’t Have to convert to weekly pay first: $40,000/52 = $769.23 FIT withheld: $59.00
$100 Question from Take Stacey Peralta was hired on January 2 for the supervisory position. She earns a salary of $98,000 and is paid monthly. How much is withheld in December for Social Security and Medicare? How much is withheld total?
$100 Answer from Take 1st – How much did she earn in December: $98,000/12 = $8166.67 2nd – Find Social Security: Is her annual amount over $90,000? Yes. $8,000 over. $8166.67-$8000 = $166.67 $166.67 * 0.062 = $10.33 3rd – Find Medicare: $8166.67 * 0.0145 = $118.42 4th – Total withheld: $10.33 + $118.42 = $128.75
$200 Question from Take Find the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below. Annual salary: $95,000 Married, one dependent Paid weekly
$200 Answer from Take From table on pg 123: Married Exemption: $4,000 and Each Dependent: $2,000. $4,00 + $2,000 = $6,000 can’t be taxed. $30,000-$6,000 = $24,000 to be taxed $1,000 * 0.015 = $15 $2,000 * 0.03 = $60 $2,000 * 0.045 = $90 ($24,000 - $5,000) * 0.05 = $950 $15 + $60 + $90 + $950 = $1115. $1115/52 = $21.44
$300 Question from Take Describe a scenarios when a young, healthy person would need health insurance.
$300 Answer from Take Answers vary
$400 Question from Take Use the Personal Exemptions table on page 119 if necessary. Dale Young is a physical therapist. He earns $49,830 a year and takes a personal exemption for being single. The state income tax rate is 5% of taxable income. What amount is withheld yearly for state income tax?
$400 Answer from Take $49,830 - $2,000 = $47,830 $47,830 * 0.05 = $2,391.50
$500 Question from Take Find the Social Security and Medicare taxes withheld per pay period: R. Greenblat Annual Gross Pay: $32,231 Pay Periods per year: 26
$500 Answer from Take $32,231/26 = $1239.65 Social Security: $1239.65 * 0.062 = $80.58 Medicare: $1239.65 * 0.0145 = $17.98
$100 Question from All Find the state tax withheld using the table below: Al Masters earns $22,500 as a lab technician. He is single with 1 dependent. The state tax in his state is 5% of taxable income. What amount is withheld from each of his monthly paychecks for state income tax?
$100 Answer from All With a single and 1 dependent exemption: $1,500 + $1,500 = $3,000 $22,500 - $3,000 = $19,500 $19,500 * .05 = $975 $975/12 = $81.25
$200 Question from All True or False. Explain your reasoning. Federal Income Tax is handled by the Federal Bureau of Investigation.
$200 Answer from All False FIT is handled by the IRS (Internal Revenue Service)
$300 Question from All Name a state that doesn’t have state income tax.
$300 Answer from All Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
$400 Question from All Use the tables on pages 788-791 when needed. Find the amount withheld for Federal Income Tax. S. Sheeks Single Weekly Gross Income: $330.00 Claims 3 Allowances
$500 Question from All Find the state tax withheld using the table below: Queena Kimbrell earns $32,000 per year as a journalist. She is single. The state tax rate in her state is 2% of taxable income. What amount is withheld from each of her monthly paychecks for state income tax?
$500 Answer from All $32,000 - $1,500 = $30,500 $30,500 * 0.02 = $610 $610/12 = $50.83
$100 Question from My Find the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below. Annual salary: $24,400 Single Paid semimonthly
$100 Answer from My From table on pg 123: $2,000 single exemption $24,400 - $2,000 = $22,400 to be taxed $1,000 * 0.015 = $15 $2,000 * 0.03 = $60 $2,000 * 0.045 = $90 ($22,400 - $5,000) * 0.05 = $870 $15 + $60 + $90 + $870= $1,035. $1035/24 = $43.13
$200 Question from My Use the tables on pages 788-791 to find the amount withheld. Kristen Martinez is married, earns $252.75 a week, and claims 1 allowance. What amount is withheld weekly for federal income tax?
$300 Question from My List one reason why most states charge a state income tax?
$300 Answer from My States charge taxes to pay for police and fire protection, public schools, roads, libraries, inspection of foods, etc.
$400 Question from My Anita Muzquiz’s annual gross pay is $45.520. She is married with 2 dependents. How much is withheld from her biweekly paycheck for state income tax?
$400 Answer from My Exemptions: $4,000 (married) + $2,000 (2 dependents) $45,520 - $8,000 = $37,520 to be taxed $3,500 * 0.03 = $105 $3,500 * 0.045 = $157.50 ($37,520 -$7,000) * 0.07 = $2,136 $105 + $157.50 + $2136.40= $2,398.90 $2,398.90/26 = $92.27
$500 Question from My Find the deduction per pay period. Annual cost of insurance: $6,8000 Employer pays 75% 24 pay periods
$500 Answer from My $6,800 * 0.25 = $1,700 $1,700/24 = $70.83
$100 Question from Money Catherine Parker, a clerk at La Mirage Motel, earns $342.22 weekly. Her group medical insurance costs $2,650 a year, of which the company pays 70% of the costs. How much is deducted weekly from her paycheck for medical insurance?
$100 Answer from Money $2,650 * 0.3 = $795 $795/52 = $15.29
$200 Question from Money What is one reason why Social Security is collected?
$200 Answer from Money Funds collected finance the retirement, disability, and life insurance of the federal government’s Social Security program.
$300 Question from Money Lynn Golding is employed as a payroll supervisor and earns $18.00 and works 40 hours a week. She is married and claims 6 allowances. The state tax is 3% of gross earnings and the local tax is 1.5% of gross earnings. She pays $35.00 for medical insurance and $17.00 in union dues. Find the deductions and net pay per week.
$400 Question from Money Find the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below. Annual salary: $30,000 Married, 1 dependent Paid weekly
$400 Answer from Money From table on pg 123: $4,000 married exemption + $2000 dependent = $6,000 $30,000 - $6,000 = $24,000 to be taxed $1,000 * 0.015 = $15 $2,000 * 0.03 = $60 $2,000 * 0.045 = $90 ($24,000 - $5,000) * 0.05 = $950 $15 + $60 + $90 + $950= $1,115. $1115/52 = $21.44
$500 Question from Money Find the Social Security and Medicare taxes withheld per pay period: A. Tomine Annual Gross Salary: $20,235 Pay Periods per year: 24
