Review Midterm/Final Fall 2024

Front

What is the term for working more than 40 hours per week?

Back

Overtime.

Front

What is the total deposit Tommy makes after earning $20.50, $16.50, and $4.95, keeping $10.00 out?

Back

$31.95.

Front

How much does Michele pay weekly for medical insurance if the annual cost is $5,800 and the company pays 53%?

Back

$52.42.

Front

If Ann is paid $2.50 for each hat she embroiders, what is her total pay for embroidering 144 hats?

Back

$360.

Front

What are exemptions in the context of taxable income?

Back

Those in an employee's family who are dependents.

Front

What is the formula to calculate overtime pay?

Back

Overtime Pay = (Hourly Rate x 1.5) x Overtime Hours.

Front

Define taxable income.

Back

Taxable income is the amount of income that is subject to tax after deductions and exemptions.

Front

What is the purpose of a production sheet in a job?

Back

To track the quantity of work completed and calculate total pay.

Front

How do you calculate the percentage of a cost covered by an employer?

Back

Percentage Covered = (Employer Contribution / Total Cost) x 100.

Front

What is the significance of dependents in tax exemptions?

Back

Dependents can reduce taxable income, leading to lower taxes owed.