Assignment 5
BUS 141 Business Mathematics
Student Name
Section
Instructor
Due Date
Exercise 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Points
Score
4 4 4
4 4
4 4
4 4
4
4 4 4
4 4
4 4
4 4
4
4 4 4
Total
4 4 100 points
Textbook Reading Assignment
Read the chapter on Payroll in the Business Mathematics textbook.
Payroll
Select the correct answer.
(1)
Nicole's monthly salary is $ 4,900 . What would be her equivalent biweekly salary?
( Round to the nearest cent. )
(a) $ 9,800.00 (b) $ 2,450.00 (c) $ 2,550.00
(2)
If Chung is paid on a straight piecework rate of $ 7.95 for each toy that he makes, what
would be his gross pay if he produced 180 toys?
(a) $ 1,431.00 (b) $ 1,413.00 (c) $ 143.10
(3)
at least
but less than
$ 2,440
$ 2,480
(b) $ 464.41
and the number of withholding allowances claimed is
0
1
2
3
$ 275
$ 230
$ 184
$ 138
(c) $ 419.41
(d) $ 501.84
(e) $ 537.74
Mary's base pay rate is $ 14.50 per hour, with over time paid at time - and - a - half for
hours worked over 40 in a week. Find her gross pay if she worked 60 hours Monday
through Saturday. ( Round to the nearest cent. )
(a) $ 54,108.00 (b) $ 207.80
(6)
(c) $ 31,450.09 (d) $ 2,070.80 (e) $ 2,700.80
Use a table of Income Tax Withholding Payments ( Wage Bracket Method ) to find the
amount of income, social security and Medicare taxes to be withheld from Maria's
monthly paycheck of $ 2,476 . Maria is single and claims 0 withholding allowances.
Note: use the following information from the Wage Bracket Table ( Tax Year 2010 ) .
(a) $ 348.33
(5)
(d) $ 14,130.00 (e) $ 14.31
As a sales person for Four Paws Pet Supply, Kathy receives a straight commission of
6.2  . If she sells $ 33,400 , what is her total gross pay?
(a) $ 54,108.00 (b) $ 207.80
(4)
(d) $ 10,616.67 (e) $ 2,261.54
(c) $ 1,015.00 (d) $ 2,070.80 (e) $ 2,700.80
Jerry is the self - employed owner of Buy It Four Less. His estimated annual earnings are
$ 75,350 and he expects to pay 25  of this amount in income tax. What will be his
quarterly estimated tax payment for the second quarter?
(a) $ 7,790.40 (b) $ 1,655.46 (c) $ 4,709.38 (d) $ 2,391.00 (e) $ 2,319.00
(7)
Gary is the self - employed owner of Paws and Claws Pet Supply. His estimated annual
earnings are $ 53,280 and he expects to pay 28  of this amount in income tax. What
will be his quarterly estimated tax payment for the third quarter?
(a) $ 7,790.40 (b) $ 3,729.60 (c) $ 1,655.46 (d) $ 2,391.00 (e) None of these
(8)
Kevin's monthly salary is $ 7,962.50 . What would be his equivalent semimonthly salary?
(a) $ 3,981.25 (b) $ 2,375.96 (c) $ 2,540.41 (d) $ 3,841.25 (e) $ 3,481.25
(9)
Mary's semimonthly salary is $ 4,950 . What would be her equivalent monthly salary?
(a) $ 6,784.61 (b) $ 7,900.00 (c) $ 3,392.31 (d) $ 1,696.15 (e) $ 9,900.00
© Copyright 2012 by P . E . P .
1
Assignment 5
BUS 141 Business Mathematics
Student Name
(10)
__________ means being paid 52 times in a year.
(a) Biweekly
(11)
SUTA
differential pay
(b)
(d)
FUTA
straight piece rate pay
draw
scale
(b)
(d)
variable commission
Social Security
draw
scale
(b)
(d)
variable commission
Social Security
scale
Medicare
(b)
(d)
variable commission
draw
differential pay
bracket or wage
(b)
(d)
gross pay
commission
FUTA
differential pay
(b)
(d)
variable commission
payroll register
A(n) __________ is made up of 26 weeks.
(a)
(c)
(19)
(d) deductions (e) Both (c) and (d)
A(n) __________ is a multicolumn form to record payroll.
(a)
(c)
(18)
(c) taxes
The __________ method or the percentage method may be used to calculate amount of
federal income tax withheld.
(a)
(c)
(17)
(b) draw
FICA tax requires separate reporting for __________ and Social Security.
(a)
(c)
(16)
(e) Semi - Monthly
A(n) __________ uses different commission rates for different levels of net sales.
(a)
(c)
(15)
(d) Weekly
A(n) __________ represents an advance that will have to be repaid.
(a)
(c)
(14)
(c) Monthly
A(n) __________ schedule is based on different levels of production.
(a)
(c)
(13)
(b) Quarterly
Gross pay represents earnings before __________ .
(a) scale
(12)
Section
semi - annual period
quarter
(b)
(d)
banker’s year
month
A semi - monthly period is 24 times per year, while a(n) __________ period is 26 times.
(a)
(c)
semi - monthly
quarterly
(b)
(d)
biweekly
monthly
(20)
If an overtime rate is greater than two decimal places, __________ round it.
(21)
(a)
do not
(b)
do
(c)
quarterly
(d)
monthly
FUTA is an acronym for Federal Unemployment Tax Act.
(a) True (b) False
(22)
The current FICA tax rate is 1.45  .
(a) True (b) False
(23)
The current Medicare tax rate is 6.2  .
(a) True (b) False
(24)
A salaried employee is paid an hourly wage for each hour worked.
(a) True (b) False
(25)
When incremental commission is applied, higher levels of sales earn increasing rates of
commission.
(a)
True
(b)
False
© Copyright 2012 by P . E . P .
2