6-1, 6-2, 6-3 Review

If an employee earns a salary of $50,000 per year, what is their gross monthly income?

• $4,235.67

• $4,166.67

• $4,523.34

• $5,298.23

An employee earns $20 per hour and works 40 hours a week. What is their gross weekly income?

• $600

• $700

• $800

• $900

A salesperson earns a 5% commission on sales. If they sell $10,000 worth of products, how much commission do they earn?

• $400

• $500

• $600

• $700

If an artist receives 10% royalties on a book that sells for $15, and 1,000 copies are sold, how much do they earn in royalties?

• $1,000

• $1,500

• $2,000

• $2,500

Which of the following is NOT directly written on a W-4 form?

• Marital status

• Address

• Annual salary

• Additional withholding amounts

A salesperson earns 5% of their first $1,000 in sales and then 8% of the remaining amount.

If sales totaled $3,200, what was the commission?

• $250

• $180

• $226

• $300

A musician earns royalties of 12% on a song that generates $50,000 in revenue. How much do they earn?

• $5,000

• $6,000

• $7,000

• $8,000

If an employee works 45 hours in a week and earns $15 per hour, with overtime paid at 1.5 times the regular rate, what is their gross pay for the week?

• $675

• $712.50

• $750

• $787.50

Which of the following best describes the purpose of a W-4 form?

• To report annual income to the IRS

• To determine deferal tax withholding from paychecks

• To apply for a job

• To calculate net pay

An employee earns a salary of $60,000 per year. What is their biweekly gross income?

• $2,500.00
• $2,000.00
• $2,153.85
• $2,307.69