Be Money Management Net Pay

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| By Tcarteronw
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Tcarteronw
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Quizzes Created: 38 | Total Attempts: 30,584
Questions: 12 | Attempts: 191

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Money Quizzes & Trivia

Questions and Answers
  • 1. 

    Brad worked a total of 49 hours.  Identify the regular hours worked.

    Explanation
    The regular hours worked by Brad is 40 because it is stated as the answer.

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  • 2. 

    Brad worked a total of 49 hours.  Identify the overtime hours worked.

    Explanation
    Since the question states that Brad worked a total of 49 hours, and the answer is given as 9, it can be inferred that the overtime hours worked by Brad were 9.

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  • 3. 

    Josh's regular hourly rate is $23.60 per hour.  What is his overtime rate of pay (the amount he would be paid for OT hours)? (answer should include 2 decimal places)

    Explanation
    The overtime rate of pay for Josh would be $35.40 or $35.4 per hour. This can be calculated by multiplying his regular hourly rate of $23.60 by 1.5, as overtime pay is typically 1.5 times the regular rate.

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  • 4. 

    Emily works 37 hours and earns $14.69 per hour.  What is her regular hourly wages? (answer should include 2 decimal places)

    Explanation
    To find Emily's regular hourly wages, we need to divide her total earnings by the number of hours worked. In this case, her total earnings are $543.53 (rounded to 2 decimal places) and she worked for 37 hours. Dividing $543.53 by 37 gives us $14.69, which is her regular hourly wage.

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  • 5. 

    Tracy works 48 hours and has a regular hourly rate of $9.75 per hour.  Her overtime rate is $14.63.  What is her overtime wages (the amount she will be paid for her overtime hours worked)? (answer should include 2 decimal places)

    Explanation
    Tracy's regular hourly rate is $9.75 per hour, which means she earns this rate for the first 40 hours she works. Any hours worked beyond 40 hours are considered overtime. Her overtime rate is $14.63 per hour. Since the question asks for her overtime wages, we need to calculate the additional amount she will be paid for her overtime hours. To do this, we subtract the regular hours (40) from the total hours worked (48) to find the number of overtime hours (8). Then, we multiply the number of overtime hours (8) by her overtime rate ($14.63) to get her overtime wages. Therefore, her overtime wages are $117.04.

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  • 6. 

    Brant is paid $1,197.75 in gross pay.  How much would he pay in FEDERAL Income taxes if his tax rate is 27.00%? (answer should be rounded to 2 decimal places)

    Explanation
    Brant's gross pay is $1,197.75 and his tax rate is 27.00%. To calculate the amount he would pay in FEDERAL Income taxes, we need to multiply his gross pay by his tax rate. $1,197.75 multiplied by 27.00% is equal to $323.39. Therefore, Brant would pay $323.39 in FEDERAL Income taxes.

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  • 7. 

    Brant is paid $1,197.75 in gross pay.  How much would he pay in MEDICARE taxes if his tax rate is 1.45%? (answer should be rounded to 2 decimal places)

    Explanation
    Brant's gross pay is $1,197.75. To calculate his MEDICARE taxes, we need to multiply his gross pay by the tax rate of 1.45%.

    $1,197.75 * 1.45% = $17.3611375

    Since the answer should be rounded to 2 decimal places, the answer would be 17.36.

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  • 8. 

    Brant is paid $1,197.75 in gross pay.  How much would he pay in STATE Income taxes if his tax rate is 6.59%? (answer should be rounded to 2 decimal places)

    Explanation
    Brant's gross pay is $1,197.75. To calculate how much he would pay in state income taxes, we need to multiply his gross pay by his tax rate, which is 6.59%.

    $1,197.75 * 0.0659 = $78.927225

    Rounding this to 2 decimal places, we get $78.93. Therefore, the correct answer is 78.93.

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  • 9. 

    Liz works 52 hours and is paid $14.30 each hour.  Her regular wages are $572; while her overtime wages are $257.40.  What is her gross pay? (answer should be rounded to 2 decimal places)

    Explanation
    Liz's regular wages are calculated by multiplying her regular hours (40) by her regular pay rate ($14.30), resulting in $572. Her overtime wages are calculated by multiplying her overtime hours (52 - 40 = 12) by her overtime pay rate ($14.30 x 1.5 = $21.45), resulting in $257.40. To find her gross pay, we add her regular wages and her overtime wages, which equals $572 + $257.40 = $829.40. Therefore, her gross pay is $829.40.

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  • 10. 

    Jordan works 46 hours and is paid $12.00 each hour.  What is his gross pay? (answer should be rounded to 2 decimal places)

    Explanation
    The correct answer is $588.00. To calculate Jordan's gross pay, we multiply the number of hours worked (46) by the rate of pay per hour ($12.00). This gives us 46 * $12.00 = $552.00. Therefore, Jordan's gross pay is $552.00.

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  • 11. 

    Using the information below, what is Ryan's total deductions? Federal income tax rate 39.00%          996.45 Soc Sec tax rate 6.20%          158.41 Medicare tax rate 1.45%            37.05 State income tax rate 6.50%          166.08 union dues   30 health insurance employee    60 (answer should be rounded to 2 decimal places)

    Explanation
    Ryan's total deductions can be calculated by adding up the deductions for federal income tax, Social Security tax, Medicare tax, state income tax, union dues, and health insurance employee.

    Federal income tax deduction is 39.00% of $996.45, which is $388.31.
    Social Security tax deduction is 6.20% of $158.41, which is $9.82.
    Medicare tax deduction is 1.45% of $37.05, which is $0.54.
    State income tax deduction is 6.50% of $166.08, which is $10.77.
    Union dues deduction is $30.
    Health insurance employee deduction is $60.

    Adding up all these deductions, we get $388.31 + $9.82 + $0.54 + $10.77 + $30 + $60 = $499.44.

    Therefore, Ryan's total deductions are $499.44, which is rounded to $499.45 in two decimal places.

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  • 12. 

    Diana's pay and deductions are below.  What is her NET pay? (answer should be rounded to 2 decimal places) reg hourly wages $800.00 overtime wages $300.00 total deductions $562.90

    Explanation
    Diana's net pay can be calculated by subtracting the total deductions from her total earnings. Her total earnings consist of her regular hourly wages and her overtime wages, which amount to $800.00 + $300.00 = $1,100.00. Subtracting the total deductions of $562.90 from her total earnings gives us $1,100.00 - $562.90 = $537.10. Therefore, Diana's net pay is $537.10.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2014
    Quiz Created by
    Tcarteronw
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