Transcript Chapter One

Chapter Two
Review
Directions
 Answers the questions the best you can.
 Click on the answer you think is correct.
– If you are right, you will need to click anywhere on
the slide to move to the next question.
– If you are wrong, you will need to click anywhere on
the slide to move back to the question and try again.
 If you find any problems with the presentation,
please let me know so it can be corrected.
 Don’t forget to review the previous chapters.
GOOD LUCK!!
Vocabulary Review
An amount subtracted from gross pay is a(n)
????.
a.
b.
c.
d.
exemption
deduction
job expenses
withholding tax
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Vocabulary Review
A corner total that provides the sum of
columns and rows is a(n) ????.
a.
b.
c.
d.
cash payments record
cash receipts record
grand total
budget
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Vocabulary Review
Adjusted gross income less deductions and
exemptions is ????.
a.
b.
c.
d.
taxable income
earned income
net pay
withholding allowance
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Vocabulary Review
A tax in which the rate does not vary with the
amount of income is ????.
a.
b.
c.
d.
withholding tax
standard deduction
withholding allowance
flat tax
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Vocabulary Review
Gross pay less deductions is ????.
a.
b.
c.
d.
adjusted gross income
earned income
net pay
taxable income
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Vocabulary Review
Things of value provided by employers in
addition to wages are ????.
a.
b.
c.
d.
employee benefits
net job benefits
job expenses
net pay
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Vocabulary Review
Future spending plans are called ????.
a.
b.
c.
d.
net pay
budgets
cash payments record
cash receipts record
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Vocabulary Review
An amount of income per person that is free
from tax is called a(n) ????.
a.
b.
c.
d.
deductions
standard deduction
exemption
withholding allowance
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Vocabulary Review
???? is a tax term meaning gross income less
adjustments.
a.
b.
c.
d.
net pay
unearned income
adjusted gross income
gross pay
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Numerical Review
Christie Bellows is a married workers earnings
$612.83 each week. She claims 3 withholding
allowances. What amount should be deducted
from her weekly earnings for federal
withholding taxes? Use the charts on page 41.
a.
b.
c.
d.
$41
$29
$38
$27
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Numerical Review
Rob Adams earns $450 in gross wages on January
10. How much is deducted from Ron’s gross
wages for social security at 6.2% and Medicare
at 1.45%?
a.
b.
c.
d.
$65.25; $279
$279; $65.25
$6.53; $27.90
$27.90; $6.53
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Numerical Review
Luisa Medina is paid $556 for a week. Her
employer deducts $56 for federal withholding
tax, $54.78 for insurance, 6.2% for social
security taxes, and 1.45% for Medicare taxes.
For the week, what was her net pay?
a.
b.
c.
d.
$402.69
$437.16
$410.75
$556
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Numerical Review
Phyllis Regan’s job pays $46,350 plus 24% of wages
in benefits. She estimates that her yearly job
expenses are $2,256. A job she has been offered
pays $49,750 with these estimated benefits:
$3,980 in pensions, $450 in free parking, $1,080
in paid vacation, $1,560 in paid holidays,
$2,100 in health insurance, and $400 in tools.
The job has job expenses of $2,624. What are
her current job’s net benefits?
a.
b.
c.
d.
$56,696
$55,218
$1,478
$368
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Numerical Review
Phyllis Regan’s job pays $46,350 plus 24% of
wages in benefits. She estimates that her yearly
job expenses are $2,256. A job she has been
offered pays $49,750 with these estimated
benefits: $3,980 in pensions, $450 in free
parking, $1,080 in paid vacation, $1,560 in
paid holidays, $2,100 in health insurance, and
$400 in tools. The job has job expenses of
$2,624. What are the other job’s net job
benefits?
a.
b.
c.
d.
$55,218
$1,478
$56,696
$368
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Numerical Review
Phyllis Regan’s job pays $46,350 plus 24% of
wages in benefits. She estimates that her yearly
job expenses are $2,256. A job she has been
offered pays $49,750 with these estimated
benefits: $3,980 in pensions, $450 in free
parking, $1,080 in paid vacation, $1,560 in
paid holidays, $2,100 in health insurance, and
$400 in tools. The job has job expenses of
$2,624. Which job offers the greater net job
benefits?
a.
b.
c.
d.
They are the same.
1st one
2nd one
I have no clue, what so ever.
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Numerical Review
Phyllis Regan’s job pays $46,350 plus 24% of wages
in benefits. She estimates that her yearly job
expenses are $2,256. A job she has been offered
pays $49,750 with these estimated benefits:
$3,980 in pensions, $450 in free parking, $1,080
in paid vacation, $1,560 in paid holidays,
$2,100 in health insurance, and $400 in tools.
The job has job expenses of $2,624. What is the
difference in net job benefits between the two
jobs?
a.
b.
c.
d.
$56,218
$55,218
$1,478
$368
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Numerical Review
Freida Werner earned gross income of $45,600 last
year. She made payments into an approved
retirement plan of $3,600. What was her
adjusted gross income last year?
a.
b.
c.
d.
$49,200
$42,600
$42,000
$40,000
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Numerical Review
Jorge Viscano had $38,000 in adjusted gross income
last year. He took the standard deduction of
$4,850 and one exemption for himself for
$3,100. What was his taxable income for the
year?
a.
b.
c.
d.
$33,750
$30,050
$33,750
$45,350
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Numerical Review
Ben Uris is single, has taxable income of $23,500,
and his employer deducted $3,640 in
withholding taxes. Find Ben’s tax due and any
refund or amount owed.
a.
b.
c.
d.
$3,171; $469 owed
$3,171; $469 refund
$469; $3,171 owed
$469; $3,171 refund
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Numerical Review
Elena Alvarez is a high school student and her
parents claim her as a dependent on their tax
return. Elena works part-time and earned
$2,490 last year. Her employer deducted $320
in withholding taxes. Elena also earned $270 in
interest on a savings account and had no
adjustments to income. Elena wants to file for
a refund and claim the standard deduction
instead of itemizing deductions. What is the
amount of Elena’s refund?
a.
b.
c.
d.
$0
$318
$320
$250
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Numerical Review
Alan Grey has federal taxable income of $31,500.
He pays a state income tax rate of 2.5% on his
federal taxable income. Find his state income
tax.
a.
b.
c.
d.
$78,750
$787.50
$78.75
$7.88
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Numerical Review
Haru Umeki’s taxable income is $44,200.
Find her state income tax by using the
chart on page 61.
a.
b.
c.
d.
$1,600
$3,094
$1,894
$884
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Numerical Review
Joe Palucci had these cash receipts for the week:
April 1, interest from a savings account, $17.89;
April 2, birthday gift, $65; April 3, paycheck,
$445.88; April 5, rebate, $50. Complete a cash
receipts record. Find Joe’s total receipts for the
week.
a.
b.
c.
d.
$528.77
$578.77
$513.77
$628
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Numerical Review
Maggie Ryan had these expenses during the week
of June 2: dinner out, $43.93; clothing, $72.95;
rent, $875; toll coupons, $70; miscellaneous,
$18.96; savings, $150. Complete a columnar
cash payments record and find the total
payments for the week.
a.
b.
c.
d.
$1,230.84
$1,080
$1,160
$1,186.91
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Numerical Review
Jon Marlow’s total income last year was $31,300.
Of that amount, he spent $7,900 for food.
What percent of Jon’s total income did he
spend for food?
a.
b.
c.
d.
0.25%
25%
3.96%
39.62%
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Numerical Review
Cesar Guerra’s total income last year was $35,000.
He expects to earn 10% more this year and
wants to budget 24% of that income for food.
What yearly amount should Cesar budget for
food?
a.
b.
c.
d.
$3,500
$9,240
$8,400
$11,900
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Numerical Review
Cesar Guerra’s total income last year was $35,000.
He expects to earn 10% more this year and
wants to budget 17% of that income for
transportation. What yearly amount should
Cesar budget for transportation?
a.
b.
c.
d.
$595
$5,950
$3,500
$6,545
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You have completed
the review.
Good luck on the test!