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Business Math 10 - Payroll (An Introduction)
Jeff Walker makes $1,200 per week.

Business Math 10 - Payroll (An Introduction)

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Soon many of you will start to get a part-time job in the “real” working world. For your first job that you are hired on to, you are told that the job pays you $150.00 a week for 20 hours of work. You think - hey that is great! I’m going to be rich! Then you get your first paycheck and wonder what on earth happened to your $150.00. What you are about to learn is the world of the “payroll” and/or “paycheck.”

1.
Alice Fremont makes $825 per week. She pays $48.75 each week for medical coverage. She puts in 4% of her weekly pay to her 401K retirement plan and her state income tax is 7%. How much money will she bring home each week in her paycheck?
$560.03
$506.30
$605.03
$650.30
Working the Problem:
$825.00 per week
$825.00 - $48.75 (health insurance premium) = $776.25
$825.00 x .04 = $33.00 (401K retirement deduction)
$776.25 - $33.00 = $743.25
$743.25 x .1 (federal tax) = $74.325 (rounded to $74.33)
$743.25 x .07 (state tax) = $52.0275 (rounded to $52.03)
$743.25 x .062 (social security tax) = $46.0815 (rounded to $46.08)
$743.25 x .0145 (Medicare tax) = $10.777125 (rounded to $10.78)
$743.25 - $74.33 (federal tax) = $668.92
$668.92 - $52.03 (state tax) = $616.89
$616.89 - $46.08 (social security tax) = $570.81
$570.81 - $10.78 (Medicare tax) = $560.03
Solution:: Alice’s take home pay each week is $560.03
Answer (a) is the correct answer
2.
Jeff Walker makes $1,200 per week. He pays $52.00 each week for medical coverage. He puts in 6% of his weekly pay to his 401K retirement plan. His state income tax is 8%. How much money will he bring home each week in his paycheck?
$980.01
$900.01
$800.01
$890.01
Working the Problem:
$1,200.00 per week
$1,200.00 - $52.00 (health insurance premium) = $1,148.00
$1,200.00 x .06 = $72.00 (401K retirement deduction)
$1,148.00 - $72.00 = $1,076.00
$1,076.00 x .1 (federal tax) = $107.60
$1,076.00 x .08 (state tax) = $86.08
$1,076.00 x .062 (social security tax) = $66.712 (rounded to $66.71)
$1,076.00 x .0145 (Medicare tax) = $15.602 (rounded to $15.60)
$1,076.00 - $107.60 (federal tax) = $968.40
$968.40 - $86.08 (state tax) = $882.32
$882.32 - $66.71 (social security tax) = $815.61
$815.61 - $15.60 (Medicare tax) = $800.01
Solution: Jeff’s take home pay each week is $800.01
Answer (c) is the correct answer
3.
Mark Walker makes $790 per week. He pays $63.00 each week for medical coverage. He puts in 3% of his weekly pay to his 401K retirement plan and his state income tax is 6.35%. How much money will he bring home each week in his paycheck?
$543.15
$534.51
$453.51
$435.15
Working the Problem:
$790.00 per week
$790.00 - $63.00 (health insurance premium) = $727.00
$790.00 x .03 = $23.70 (401K retirement deduction)
$727.00 - $23.70 = $703.30
$703.30 x .1 (federal tax) = $70.33
$703.30 x .0635 (state tax) = $44.65955 (rounded to $44.66)
$703.30 x .062 (social security tax) = $43.6046 (rounded to $43.60)
$703.30 x .0145 (Medicare tax) = $10.19785 (rounded to $10.20)
$703.30 - $70.33 (federal tax) = $632.97
$632.97 - $44.66 (state tax) = $588.31
$588.31 - $43.60 (social security tax) = $544.71
$544.71 - $10.20 (Medicare tax) = $534.51
Solution: Mark’s take home pay each week is $534.51
Answer (b) is the correct answer
4.
Lynette Tillson makes $4,250.00 monthly. She pays $645.00 each pay period for medical coverage. She puts in 7.5% of her pay to her 401K retirement plan and her state income tax is 8.15%. How much money will she bring home in her paycheck?
$2,438.39
$2,483.39
$2,843,93
$2,834.93
Working the Problem:
$4,250.00 monthly
$4,250.00 - $645.00 (health insurance premium) = $3,605.00
$4,250.00 x .075 = $318.75 (401K retirement deduction)
$3,605.00 - $318.75 = $3,286.25
$3,286.25 x .1 (federal tax) = $328.625 (rounded to $328.63)
$3,286.25 x .0815 (state tax) = $267.82937 (rounded to $267.83)
$3,286.25 x .062 (social security tax) = $203.7475 (rounded to $203.75)
$3,286.25 x .0145 (Medicare tax) = $47.650625 (rounded to $47.65)
$3,286.25 - $328.63 (federal tax) = $2,957.62
$2,957.62 - $267.83 (state tax) = $2,689.79
$2,689.79 - $203.75 (social security tax) = $2,486.04
$2,486.04 - $47.65 (Medicare tax) = $2,438.39
Solution: Lynette’s take home pay each month is $2,438.39
Answer (a) is the correct answer
5.
Zack Owen makes $2,600.00 bi-monthly. He pays $241.50 each pay period for medical coverage. He puts in 3.8% of his pay to his 401K retirement plan and his state income tax is 7.5%. How much money will he bring home in his paycheck?
$1,619.83
$1,916.83
$1,691.38
$1.961.38
Working the Problem:
$2,600.00 bi-monthly
$2,600.00 - $241.50 (health insurance premium) = $2,358.50
$2,600.00 x .038 = $98.80 (401K retirement deduction)
$2,358.50 - $98.80 = $2,259.70
$2,259.70 x .1 (federal tax) = $225.97
$2,259.70 x .075 (state tax) = $169.4775 (rounded to $169.48)
$2,259.70 x .062 (social security tax) = $140.1014 (rounded to $140.10)
$2,259.70 x .0145 (Medicare tax) = $32.76565 (rounded to $32.77)
$2,259.70 - $225.97 (federal tax) = $2,033.73
$2,033.73 - $169.48 (state tax) = $1,864.25
$1,864.25 - $140.10 (social security tax) = $1,724.15
$1,724.15 - $32.77 (Medicare tax) = $1,691.38
Solution: Zack’s take home pay each pay period is $1,691.38
Answer (c) is the correct answer
6.
Walter Evans makes $942 per week. He pays $86.25 each week for medical coverage. He puts in 3.2% of his weekly pay to his 401K retirement plan and his state income tax is 8.25%. How much money will he bring home each week in his paycheck?
$618.17
$671.81
$617.18
$611.78
Working the Problem:
$942.00 per week
$942.00 - $86.25 (health insurance premium) = $855.75
$942.00 x .032 = $30.144 (rounded to $30.14) (401K retirement deduction)
$855.75 - $30.14 = $825.61
$825.61 x .1 (federal tax) = $82.561 (rounded to $82.56)
$825.61 x .0825 (state tax) = $68.112825 (rounded to $68.11)
$825.61 x .062 (social security tax) = $51.18782 (rounded to $51.19)
$825.61 x .0145 (Medicare tax) = $11.971345 (rounded to $11.97)
$825.61 - $82.56 (federal tax) = $743.05
$743.05 - $68.11 (state tax) = $674.94
$674.94 - $51.19 (social security tax) = $623.75
$623.75 - $11.97 (Medicare tax) = $611.78
Solution: Walter’s take home pay each week is $611.78
Answer (d) is the correct answer
7.
Billy Waxston makes $475 per week. He pays $25.35 each week for medical coverage. He puts in 2.5% of his weekly pay to his 401K retirement plan and his state income tax is 5.85%. How much money will he bring home each week in his paycheck?
$433.98
$334.89
$343.89
$398.43
Working the Problem:
$475.00 per week
$475.00 - $25.35 (health insurance premium) = $449.65
$475.00 x .025 = $11.875 (rounded to $11.88) (401K retirement deduction)
$449.65 - $11.88 = $437.77
$437.77 x .1 (federal tax) = $43.777 (rounded to $43.78)
$437.77 x .0585 (state tax) = $25.609545 (rounded to $25.61)
$437.77 x .062 (social security tax) = $27.14174 (rounded to $27.14)
$437.77 x .0145 (Medicare tax) = $6.347665 (rounded to $6.35)
$437.77 - $43.78 (federal tax) = $393.99
$393.99 - $25.61 (state tax) = $368.38
$368.38 - $27.14 (social security tax) = $341.24
$341.24 - $6.35 (Medicare tax) = $334.89
Solution: Billy’s take home pay each week is $334.89
Answer (b) is the correct answer
8.
Janet Greyson makes $900 per week. She pays $76.00 each week for medical coverage for herself. She puts in 4.5% of her weekly pay to her 401K retirement plan and her state income tax is 5.9%. How much money will she bring home each week in her paycheck?
$598.98
$589.98
$589.89
$598.89
Working the Problem:
$900.00 per week
$900.00 - $76.00 (health insurance premium) = $824.00
$900.00 x .045 = $40.50 (401K retirement deduction)
$824.00 - $40.50 = $783.50
$783.50 x .1 (federal tax) = $78.35
$783.50 x .059 (state tax) = $46.2265 (rounded to $46.23)
$783.50 x .062 (social security tax) = $48.577 (rounded to $48.58)
$783.50 x .0145 (Medicare tax) = $11.36075 (rounded to $11.36)
$783.50 - $78.35 (federal tax) = $705.15
$705.15 - $46.23 (state tax) = $658.92
$658.92 - $48.58 (social security tax) = $610.34
$610.34 - $11.36 (Medicare tax) = $598.98
Solution: Janet’s take home pay each week is $598.98
Answer (a) is the correct answer
9.
Justin Moore makes $515 per week. He pays $37.50 each week for medical coverage. He puts in 3% of his weekly pay to his 401K retirement plan. His state’s income tax is 6.25%. How much money will he bring home each week in his paycheck?
$316.51
$311.56
$315.16
$351.61
Working the Problem:
$515.00 per week
$515.00 - $37.50 (health insurance premium) = $477.50
$515.00 x .03 = $15.45 (401K retirement deduction)
$477.50 - $15.45 = $462.05
$462.05 x .1 (federal tax) = $46.205 (rounded to $46.21)
$462.05 x .0625 (state tax) = $28.878125 (rounded to $28.88)
$462.05 x .062 (social security tax) = $28.6471 (rounded to $28.65)
$462.05 x .0145 (Medicare tax) = $6.699725 (rounded to $6.70)
$462.05 - $46.21 (federal tax) = $415.84
$415.84 - $28.88 (state tax) = $386.96
$386.96 - $28.65 (social security tax) = $358.31
$358.31 - $6.70 (Medicare tax) = $351.61
Solution: Justin’s take home pay each week is $351.61
Answer (d) is the correct answer
10.
Stacy Warren makes $2,150.00 bi-monthly. She pays $307.75 each pay period for medical coverage. She puts in 1.5% of her pay to her 401K retirement plan and her state income tax is 8.32%. How much money will she bring home in her paycheck?
$1,393.04
$1,339.94
$1,933.49
$1,393.49
Working the Problem:
$2,150.00 bi-monthly
$2,150.00 - $307.75 (health insurance premium) = $1,842.25
$2,150.00 x .015 = $32.25 (401K retirement deduction)
$1,842.25 - $32.25 = $1,810.00
$1,810.00 x .1 (federal tax) = $181.00
$1,810.00 x .0832 (state tax) = $150.592 (rounded to $150.59)
$1,810.00 x .062 (social security tax) = $112.22
$1,810.00 x .0145 (Medicare tax) = $26.245 (rounded to $26.25)
$1,810.00 - $181.00 (federal tax) = $1,629.00
$1,629.00 - $150.59 (state tax) = $1,478.41
$1,478.41 - $112.22 (social security tax) = $1,366.19
$1,366.19 - $26.25 (Medicare tax) = $1,339.94
Solution: Stacy’s take home pay each pay period is $1,339.94
Answer (b) is the correct answer
Author:  Christine G. Broome

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