Unit 2 Review

Match each definition to the correct vocabulary term.

• tip

• taxes that are taken on a worker’s earnings

• employee

• 
  a fixed amount of pay given to an employee

• salary

• a person that is working for a company or another person

• employer

• a company, or person, that someone is working for

• income tax

• 
  

  an amount of money, often calculated as a percent, given to a person for services provided

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Sinesta works weekdays at a job for an hourly rate of $12.00. The overtime pay rate is calculated as a time-and-a-half rate.

Sinesta worked 5 hours of overtime this week. How much is she paid for those 5 overtime hours?

• $90.00

• $60.00

• $36.00

• $12.00

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Observe the paycheck. Drag and drop the answers.

gross income​ (a)  

state tax​ (b)  

total deductions ​ (c)  

net income ​ (d)  

Pennsylvania state income tax is 3.07% of gross pay.

• $888.00
• $27.26
• $273.41
• $614.59
• $960.00
• $320.29

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Is each of the following a Social Security benefit?

Check the correct responses.

• payments when a person's disability prevents them from working

• tax cuts for low income people

• support in finding a new job for retired people

• monthly checks after retirement

• payments paid to a spouse or children when a person passes away

An employee is paid $895.00 bi-weekly. How much does the employee earn in a year? You may use your calculator to help you.

• $36,276

• $46,540

• $23,270

• $10,740

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

Jennica works as an independent contractor and has received her 1099 tax form, shown below. She had $3,571.00 in expenses. How much will Jennica owe for self-employment taxes?

The self-employment tax rate is 15.3%.

• $1,521.73

• $3,570.00

• $3,069.33

• $4,333.57

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

CCSS.7.RP.A.3