Page|15

2.3.9.A1

GettingPaidMath

TotalPointsEarned

30 TotalPointsPossible

Percentage

Name Claire Leonard

10/27/2014
Date

Class Personal Finance

Directions:Answerthefollowingquestionstoprovideinformationforthepaycheck.

Hint:Awaytodoublecheckyourworkistoaddyourdeductionsandyournetincome.

Iftheydonotequalyourgrossincome,thenyouneedtorecalculate.

GrossIncome=NetIncome+Deductions

Part1:JoesHourlyPayStub
Inthelastpayperiod,Joeworked80hoursearning$12perhour.Usetheworkspaceandmathtipsto
answerquestions15tocalculateJoespaystubamounts.

Paystubcategories
WorkSpace&MathTips
Paystubamounts
WhatisJoesgrosspay?
1.
960
80hoursx$12perhour=960
WhatisJoesSocialSecurity
deduction(6.2%ofgrosspay)?
WhatisJoesMedicarededuction
(1.45%ofgrosspay)?
InadditiontoSocialSecurityand
MedicareifJoehad$46inFederal
IncomeTax,$21inStateIncomeTax
and$65inemployeebenefits
withheldfromhispaycheck,what
wereJoestotaldeductions?
WhatwasJoesnetpay?

59.52
960
Grosspay___________x.062=

2.

3.

19.92
Grosspay___________x.0145=
59.52
4.
59.52
SocialSecurity__________+
13.92
Medicare__________+$46FederalIncome
Tax+$21StateIncomeTax+$65employee
benefits=
960
Grosspay__________totaldeductions
205.44
_______

59.52
13.92

205.44

5. 754.56

HowmuchwillJoesemployerpayperpayperiodforMedicareandSocialSecurity?

754.56 dollars

TakeChargeTodayAugust2013GettingPaid
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Page|16
2.3.9.A1

Part2:EdwinsSalaryPayStub
Edwinhasa$60,000annualsalaryandispaidmonthly.Usetheworkspaceandmathtipstoanswer
questions610tocalculateEdwinsMarchpaystubamounts.Then,calculatetheyeartodateamounts.

Paystubcategories
WorkSpace&MathTips
MarchPaystub
amounts
6.
WhatisEdwinsmonthlygrosspay?
5000
$60,000annualsalary/12monthsperyear=
WhatisEdwinsSocialSecurity
deduction(6.2%ofgrosspay)?

5000
Grosspay___________x.062=

WhatisEdwinsMedicarededuction
(1.45%ofgrosspay)?
InadditiontoSocialSecurityand
MedicareifEdwinhad$413in
FederalIncomeTax,$209inState
IncomeTaxand$250inemployee
benefitswithheldfromhispaycheck,
whatwereEdwinstotaldeductions?
WhatwasEdwinsnetpay?

7. 310
8.

5000
Grosspay___________x.0145=

72.5

9.

1254.5

310
SocialSecurity__________+
72.5
Medicare__________+$413FederalIncome
Tax+$209StateIncomeTax+$250
employeebenefits=
5000
Grosspay__________totaldeductions
1254.5
_______

10.

3745.5

Edwinispaidmonthly.Heearnsthesameamountandhasthesamedeductionseachmonth.Usethe
answerscalculatedinquestions610todeterminehisyeartodateineachcategory.ThisisEdwins3rd
paycheckoftheyear.

Paystubcategories
Workspace
YeartodateamountsinEdwins
Marchpaystub
Grosspay

11.
SocialSecurity

310
Medicare

1254.5

12.
13.

72.5*12*3

Totaldeductions

3745.5

310*12*3

72.5

Netpay

180000

5000*12*3

5000

1254.5*12*3
3745.5*12*3

14.
15.

11160

2610

45162
134838

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Page|17
2.3.9.A1

Part3:ZoesPayStub
ZoebeganworkingJanuary1andheremployerneedsyourassistancetocompletethecalculationsforher
paystub.BecauseZoeworksparttime,heremployerdoesnotofferbenefitsincludinghealthinsurance,
retirementandaccruingemployeeleavetime.Completethecalculationsforherpaystubtofillinthe
paystubbelow.Useinformationfromthepaystubtoanswerquestions1620.

EmployeeInformation

PayDate 4/11/2013

Name

IdentificationNumber

Address

Pay Rate

PayPeriod

ZoeDashwood

0012345

7961NorthRoad

$13.50

3/13/31/2013
(monthly)

Summary

GrossIncome

TotalPersonalDeductions

NetIncome

Current

YTD

Earnings
Type

Rate

Hours

Regular

$13.50

80

Overtime

Current

YTD

Deductions
Type

PersonalDeduction

EmployerContribution

Federalincometax

$58.43

Stateincometax

$26.00

SocialSecurityandMedicare

$82.62

Workerscompensation

$6.21

Unemploymentinsurance

$2.81

16.WhatisZoesgrosspay?

17.WhatisZoesyeartodategrosspay?

18.WhatisZoesSocialSecurityandMedicarededuction?

19.WhatareZoestotaldeductions?

20.WhatisZoesnetpay?

TakeChargeTodayAugust2013GettingPaid
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona