CF Ch2 Quizlet

Your ____________ is the amount of money you earn before deductions.

• Withholding allowance

• Net Pay

• Gross Pay

• Federal Income Tax

Your _____________ is the amount of money you earn after deductions.

• Net income

• Gross income

• exemptions

• Deductions

The money you pay towards Medicare taxes are primarily used to pay for health insurance for....

• people who are poor or disabled

• your employer

• people without health insurance

• people 65 years and older

Which type of deduction has a maximum limit, or a cap, that we can't go over when we're calculating how much money is deducted?

• Personal exemptions

• Federal Income Tax

• Medicare

• Social Security

Personal Exemptions are determined by...

• your savings

• your weekly spending

• your rent or mortgage fee

• the number of people you support

When your employer pays for a percent of the cost of your health insurance, that is called...

• Medicare

• group health insurance

• Social Security

• Exemptions

Corinne earns $61,260 as a wind turbine technician. She is married with one dependent. The state tax rate in her state is 4% of taxable income. What amount is withheld from each of her monthly paychecks for state income tax? Use the attached table.

Marty's gross pay for this week is $765.78. He is married and claims one allowance. According to your withholdings table,what amount will be withheld from Marty's pay for FIT?

Arnold's annual salary is $98,250. His personal exemptions total $5,000. The annual state tax withheld is:

2% on the first $1,000,

3.5% of the next $2,000

4.5% of the next $3,000

5% on anything over $6,000.

How much is deducted annually for Arnold's state income tax?

Claire has family medical coverage through her employer's group medical plan. The annual cost of Claire's coverage is $6,950. If her employer pays 65% of the coverage, how much does Claire have to pay weekly?