Chapter 2 Formulas Flashcards
1
Q
How do you find the Taxable Wages?
A
Annual Gross Pay - Personal Exemptions
2
Q
How do you find the Annual Tax Withheld?
A
Taxable Wages x Tax Rate
3
Q
How do you find the Tax Withheld per Pay Period?
A
Annual Tax Withheld/Number of Pay Periods per Year
4
Q
How do you find the Tax Withheld?
A
Gross Pay x Tax Rate
5
Q
How do you find the Employee’s Share?
A
Annual Amount x Employee’s Percent
6
Q
How do you find the Deduction per Pay Period?
A
Total Annual Amount Paid by Employee/Number of Pay Periods per Year
7
Q
How do you find Employee’s Percent?
A
100% - Percent Company Pays
8
Q
How do you find the Net Pay?
A
Gross Pay - Total Deductions
