7 Alan is self-employed. He earned $22,500 one year and was taxed at the FICA rate of 15.02%. What was the total amount he had to pay in
FICA taxes?
a. $3,379.50
b. $1,689.75
c. $1,652.20
d. $3,304.40
8 Art is self-employed. He earned $28,500 one year and was taxed at
the FICA rate of 15.02%. What was the total amount he had to pay in
FICA taxes?
a. $2,140.35
b. $4,205.60
c. $2,102.80
d. $4,280.70
9 Edith earns an annual gross salary of $17,500. She has 28% of her
gross salary withheld for taxes and other deductions. What is the net
pay of each paycheck if she is paid weekly?
a. $274.04
b. $43.87
c. $242.31
d. $438.76
10 Nancy earns an annual gross salary of $16,250. She has 26% of her
gross salary withheld for taxes and other deductions. What is the net
pay of each paycheck if she is paid semimonthly?
a. $62.50
b. $541
c. $462.50
d. $501.04
13 Olga deposited $1,500 in a savings account that pays 7.5% interest,
compounded quarterly. What is the balance in her account at the
beginning of the fourth quarter?
a. $1,590
b. $1,560
c. $1,585.97
d. $1,591.81