jeopardy don’ttake all my money q $100 q $200 q $300 q $400 q $500 q $100 q $200 q $300 q $400 q...

Download Jeopardy Don’tTake All My Money Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

Post on 28-Dec-2015

218 views

Category:

Documents

3 download

Embed Size (px)

TRANSCRIPT

  • JeopardyDontTakeAllMyMoneyQ $100Q $200Q $300Q $400Q $500Q $100Q $100Q $100Q $100Q $200Q $200Q $200Q $200Q $300Q $300Q $300Q $300Q $400Q $400Q $400Q $400Q $500Q $500Q $500Q $500Final Jeopardy

  • $100 Question from DontFind 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

    General Check InformationDeptEmployeeCheck #Week EndingGross PayNet Pay23Chapman, D.4323/5$640.00

    Tax and Personal DeductionsFITFICAMedicareStateLocalMedicalUnion DuesOthers10.00

  • $100 Answer from Dont

    General Check InformationDeptEmployeeCheck #Week EndingGross PayNet Pay23Chapman, D.4323/5$640.00$485.64

    Tax and Personal DeductionsFITFICAMedicareStateLocalMedicalUnion DuesOthers73.0039.689.2812.809.6010.00----

  • $200 Question from DontTrue or False. Explain your reasoning.

    Medicare taxes are paid on all earnings.

  • $200 Answer from DontTRUE

    Social Security is the one that taxes only up to $90,000 of income.

  • $300 Question from DontFind 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 Dont$4300 * 0.30 = $1290$1290/52 = $24.81

  • $400 Question from DontTrue or False. Explain your reasoning.

    It is not possible to have zero withholding allowances when calculating income tax.

  • $400 Answer from DontFalse You can claim zero allowances.Look at the tables on pages 788-791. There isa column for zero allowances.

  • $500 Question from DontUse the tables on pages 788-791 when needed.Find the amount withheld for Federal IncomeTax.

    J. WilliamsMarriedEarns $40,000 annually2 Allowances

  • $500 Answer from DontHave to convert to weekly pay first:$40,000/52 = $769.23

    FIT withheld: $59.00

  • $100 Question from TakeStacey Peralta was hired on January 2 for thesupervisory position. She earns a salary of $98,000 and is paid monthly. How much iswithheld in December for Social Security andMedicare? 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 annualamount 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 TakeFind the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below.Annual salary: $95,000Married, one dependentPaid weekly

    State TaxTaxable WagesTax RateFirst $1,0001.5%Next $2,0003.0%Next $2,0004.5%Over $5,0005.0%

  • $200 Answer from TakeFrom table on pg 123: Married Exemption: $4,000 and Each Dependent: $2,000. $4,00 + $2,000 = $6,000 cant 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 TakeDescribe a scenarios when a young, healthyperson would need health insurance.

  • $300 Answer from TakeAnswers vary

  • $400 Question from TakeUse the Personal Exemptions table on page 119if 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 TakeFind the Social Security and Medicare taxeswithheld per pay period:

    R. GreenblatAnnual Gross Pay: $32,231Pay Periods per year: 26

  • $500 Answer from Take$32,231/26 = $1239.65

    Social Security: $1239.65 * 0.062 = $80.58Medicare: $1239.65 * 0.0145 = $17.98

  • $100 Question from AllFind 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 taxableincome. What amount is withheld from each ofhis monthly paychecks for state income tax?

    Personal ExemptionsSingle$1,500Married$3,000Each Dependent$1,500

  • $100 Answer from AllWith 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 AllTrue or False. Explain your reasoning.

    Federal Income Tax is handled by the FederalBureau of Investigation.

  • $200 Answer from AllFalse

    FIT is handled by the IRS(Internal Revenue Service)

  • $300 Question from AllName a state that doesnt have state income tax.

  • $300 Answer from AllAlaska, Florida, Nevada, South Dakota,Texas, Washington and Wyoming.

  • $400 Question from AllUse the tables on pages 788-791 when needed.Find the amount withheld for Federal IncomeTax.

    S. SheeksSingleWeekly Gross Income: $330.00Claims 3 Allowances

  • $400 Answer from All$10

  • $500 Question from AllFind 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 hermonthly paychecks for state income tax?

    Personal ExemptionsSingle$1,500Married$3,000Each Dependent$1,500

  • $500 Answer from All$32,000 - $1,500 = $30,500

    $30,500 * 0.02 = $610

    $610/12 = $50.83

  • $100 Question from MyFind the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below.Annual salary: $24,400SinglePaid semimonthly

    State TaxTaxable WagesTax RateFirst $1,0001.5%Next $2,0003.0%Next $2,0004.5%Over $5,0005.0%

  • $100 Answer from MyFrom 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 MyUse the tables on pages 788-791 to find theamount withheld.

    Kristen Martinez is married, earns $252.75 a week, and claims 1 allowance. What amountis withheld weekly for federal income tax?

  • $200 Answer from My$4

  • $300 Question from MyList one reason why most states charge astate income tax?

  • $300 Answer from MyStates charge taxes to pay for police andfire protection, public schools, roads, libraries, inspection of foods, etc.

  • $400 Question from MyAnita Muzquizs annual gross pay is $45.520. She is married with 2 dependents. How much is withheld from her biweekly paycheck for state income tax?

    Personal ExemptionsSingle$2,000Married$4,000Each Dependent$2,000

    State TaxAnnual Gross PayTax RateFirst $3,5003.0%Next $3,5004.5%Over $7,0007.0%

  • $400 Answer from MyExemptions: $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 MyFind the deduction per pay period.

    Annual cost of insurance: $6,8000Employer pays 75%24 pay periods

  • $500 Answer from My$6,800 * 0.25 = $1,700

    $1,700/24 = $70.83

  • $100 Question from MoneyCatherine 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 MoneyWhat is one reason why Social Security is collected?

  • $200 Answer from MoneyFunds collected finance the retirement, disability, and life insurance of the federal governments Social Security program.

  • $300 Question from MoneyLynn 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.

    General Check InformationDeptEmployeeCheck #Week EndingGross PayNet PayPAYRLynn G.23512/11

    Tax and Personal DeductionsFITFICAMedicareStateLocalMedicalUnion DuesOthers0.00

  • $300 Answer from Money

    General Check InformationDeptEmployeeCheck #Week EndingGross PayNet PayPAYRLynn G.23512/11720.00$560.52

    Tax and Personal DeductionsFITFICAMedicareStateLocalMedicalUnion DuesOthers20.0044.6410.4421.6010.8035.0017.000.00

  • $400 Question from MoneyFind the state tax withheld per pay period using the exemptions table on page 123 and the graduated tax rates below.Annual salary: $30,000Married, 1 dependentPaid weekly

    State TaxTaxable WagesTax RateFirst $1,0001.5%Next $2,0003.0%Next $2,0004.5%Over $5,0005.0%

  • $40

Recommended

View more >