FM Unit 6 Test Review

Flashcard
•
Mathematics
•
12th Grade
•
Hard
+3
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the formula to calculate Social Security tax?
Back
Social Security Tax = Annual Salary x 6.2%
Tags
CCSS.7.RP.A.3
2.
FLASHCARD QUESTION
Front
What are Elective Benefits?
Back
Benefits that the government does NOT require, such as sick pay, vacation pay, medical and dental insurance, and retirement savings plans.
3.
FLASHCARD QUESTION
Front
What is Total Compensation?
Back
Total Compensation = Wages + Benefits
4.
FLASHCARD QUESTION
Front
What is a deductible in insurance?
Back
The amount you have to pay before the insurance company will pay your claim.
5.
FLASHCARD QUESTION
Front
What are Statutory Benefits?
Back
Government mandated benefits that must be provided to workers.
6.
FLASHCARD QUESTION
Front
How do you calculate the Social Security tax for an annual salary of $175,000?
Back
Social Security Tax = $175,000 x 6.2% = $9114.00
Tags
CCSS.7.RP.A.3
7.
FLASHCARD QUESTION
Front
What is the difference between Elective Benefits and Statutory Benefits?
Back
Elective Benefits are optional and not required by law, while Statutory Benefits are mandated by the government.
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