Question 1

This piecewise function represents the Social Security taxes for 2009.How much did Rachel pay in Social Security tax if she earned $102,000 in 2009?

Accepted Answer

C

Question 2

In 2008,Yolanda paid $3,875 in Social Security tax.If the Social Security tax rate was 6.2% to the maximum income of $94,200 that year,what was Yolanda's taxable income?

Accepted Answer

First, determine the maximum taxable income for Social Security tax in 2008 by dividing $3,875 by 6.2%: 
$3,875 / 0.062 = $62,500 
Therefore, Yolanda's taxable income was $62,500 or less in 2008. So, the correct answer is (C) $62,500.

Question 3

Michelle receives $32,000 per year as an assistant fast food manager.Her benefits include health insurance,paid holidays,retirement contributions,and a two-week paid vacation each year.Because she wears a uniform,Michelle calculates that she saves $2,500 on clothing costs per year.She constructed this table to show the value of each benefit.What is her annual salary,including benefits?  ​ ​

Accepted Answer

Michelle's annual salary is $32,000. However, she also receives benefits such as health insurance, paid holidays, retirement contributions, and a two-week paid vacation each year, which add value to her total compensation. Using the table provided, we can add up the total value of her benefits:

Health Insurance: $3,000
Paid Holidays: $2,500
Retirement Contributions: $4,000
Paid Vacation: $2,000
Clothing Savings: $2,500

Total Value of Benefits: $14,000

To calculate Michelle's annual salary including benefits, we can add her base salary of $32,000 to the total value of her benefits, which gives us:

$32,000 + $14,000 = $46,000

Therefore, the correct answer is D. $49,400 is not a valid answer as it is not within the given choices.

Question 4

What is Medicare?

Accepted Answer

Medicare is a federal health insurance program primarily for people 65 years of age or older, or for those under 65 with certain disabilities or medical conditions. It helps cover the costs of many healthcare services, including doctor's visits, hospital stays, and prescription drugs.

Question 5

Pimmi gets paid $0.50 for the first 100 craft kits that she assembles.She earns $0.75 for each kit over 100.This week she assembled 135 kits.How much did she earn?

Accepted Answer

For the first 100 kits, Pimmi earns $0.50 per kit, which gives her $50. 
For the remaining 35 kits, Pimmi earns $0.75 per kit. This gives her $26.25. 
Adding these two amounts together gives us a total of $76.25, so the correct answer is (C).

Question 6

The purpose of worker's compensation is to offer benefits to eligible employees that have become unemployed.

Accepted Answer

The purpose of worker's compensation is to provide benefits to employees who are injured or become ill as a result of their job. It is intended to cover medical expenses, lost wages, and other related costs resulting from the injury or illness.

Question 7

Miquel pays $47 semimonthly for health insurance which is 15% of the total cost.His employer pays the rest.What is the total yearly cost to the nearest dollar of Miquel's health insurance?

Accepted Answer

The answer of Miquel pays $47 semimonthly for health insurance...

Question 8

Bruce is paid semimonthly,so he receives 24 paychecks a year.

Accepted Answer

Semi-monthly means twice a month, so Bruce would receive 24 paychecks in a year (12 months x 2 paychecks per month = 24 paychecks).

Question 9

This spreadsheet calculates a yearly pension.The formulas are entered in column B.What is the spreadsheet formula for B7?

Accepted Answer

B7 should calculate the yearly pension by multiplying the average salary (B6) by the number of years of service (B2) and the percentage of the pension plan (B1). Therefore, the correct formula is (B1/100)*B6*B2.

Question 10

Royalty is a percentage paid on the money earned from sales on items such as tickets,books,artwork,and music CDs.

Accepted Answer

Royalty is a percentage of the money earned from sales on various items such as tickets, books, artwork, and music CDs.

Question 11

McKenzie sells textbooks.She receives 7% on her first $1,000 in sales and 15% on the balance of her sales.If her sales in one month were $14,500,she would earn $2,025 in commission.

Accepted Answer

McKenzie earns 7% on the first $1,000, which is $70. On the remaining $13,500, she earns 15%, which is $2,025. Adding these amounts gives her a total commission of $2,095, not $2,025.

Question 12

Employers are usually charged a flat fee to place classified ads in the newspaper.

Accepted Answer

Employers are typically charged based on the size of the ad, the number of words or lines, and how many days the ad runs, rather than a flat fee.

Question 13

Blinko's charges $24.99 to print 100 top-quality,single-page résumés.Each additional 50 copies cost $10.This cost,r(x),written as a piecewise function,is:

Accepted Answer

The piecewise function for the cost, r(x), is:

r(x) = 24.99, if x <= 100
r(x) = 24.99 + 10 * ceil((x-100)/50), if x > 100

This means that for up to 100 copies, the cost is a flat rate of $24.99. For each additional 50 copies, the cost increases by $10. The ceil function rounds up to the nearest integer, so if a customer orders between 101-150 copies, they would be charged for 2 batches of 50 copies each, or $20 additional cost. Therefore, the statement is true.

Question 14

Catalina works part-time at a bakery earning $7.50 an hour.In the past five days,her time card shows that she worked 3.3,2.9,4.0,3.5,and 2.1 hours.What is her gross pay for the five days?

Accepted Answer

Catalina's total hours worked is 3.3 + 2.9 + 4.0 + 3.5 + 2.1 = 15.8 hours. Her gross pay is 15.8 hours * $7.50/hour = $118.50.

Question 15

Marcus earned $54,000 last year when the Social Security tax was 6.2% of income up to $94,200.His Medicare tax was 1.45%.How much did he pay in Social Security and Medicare taxes last year?

Accepted Answer

The answer of Marcus earned $54,000 last year when the...

Question 16

Jim was offered a job as a computer programmer making $65,000 per year.Another company offered Jim a position earning $1,200 a week.The job with the $65,000 salary pays more.

Accepted Answer

To determine which offer pays more, we need to compare the total income for each job. If Jim takes the job as a computer programmer, he will earn $65,000 per year. If he takes the other job that pays $1,200 a week, he will earn $62,400 per year ($1,200 x 52 weeks). Therefore, the job with the $65,000 salary pays more.

Question 17

Cherie accepted a job through an employment agency.The job pays $1,100 a week.The agency charges 30% of her first 4 weeks,pay.To find the amount she owes the agency,she should multiply her first four weeks' salary by 0.03.

Accepted Answer

To find the amount she owes the agency, she should multiply her first four weeks' salary by 0.30 (30%), not 0.03.

Question 18

Federal and state laws provide rules on the lowest hourly rate that can be paid to a worker in the United States.What is that rate called?

Accepted Answer

The lowest hourly rate that can be paid to a worker in the United States is called the minimum wage.

Question 19

In 2005,Lee began working as a nurse anesthetist with a taxable income of $119,000.The Medicare tax was 1.45% and the Social Security tax rate was 6.2% to the maximum income of $90,000 that year.How much did Lee pay in FICA taxes in 2005?

Accepted Answer

Lee's taxable income above the maximum Social Security limit is $119,000 - $90,000 = $29,000. 
The Medicare tax is 1.45% of Lee's entire taxable income: 
$119,000 x 0.0145 = $1,725.50
The Social Security tax is 6.2% of Lee's income up to the maximum limit and does not apply to anything above that limit: 
$90,000 x 0.062 = $5,580 
Therefore, Lee paid a total of $1,725.50 + $5,580 = $7,305.50 in FICA taxes.

Question 20

Social Security tax is paid on all your income,whereas Medicare tax is paid up to the maximum taxable income amount.

Accepted Answer

Social Security tax is paid up to a maximum taxable income amount, whereas Medicare tax is paid on all your income without a cap.

Quiz 5: Employment Basics