Fundamental Payroll Paycheck Calculation Methods Flashcards
7 cards from real Fundamental Payroll Certification practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Fundamental Payroll Paycheck Calculation Methods flashcards as text
An employee earns $3,200 semimonthly. What is their annualized salary?
Answer: $76,800
Semimonthly pay periods = 24 per year; $3,200 × 24 = $76,800.
For 2024, the Social Security wage base is $168,600. An employee has already earned $168,600 YTD. How much Social Security tax should be withheld from their next $5,000 paycheck?
Answer: $0.00
Once an employee reaches the Social Security wage base, no further Social Security tax is withheld for the remainder of the year.
An employee contributes $500 per pay period to a traditional 401(k). For FICA tax purposes, this contribution is:
Answer: Subject to both Social Security and Medicare taxes
Traditional 401(k) elective deferrals reduce federal income tax withholding but are still subject to FICA (Social Security and Medicare) taxes.
An employee is paid biweekly and has a Section 125 health insurance premium of $150 per pay period. How does this affect their taxable wages for FIT withholding?
Answer: Reduces taxable wages by $150
Section 125 (cafeteria plan) premiums are excluded from federal income taxable wages, reducing the withholding base by the premium amount each pay period.
Which pay frequency results in the highest per-paycheck gross amount for a $60,000 annual salary?
Answer: Monthly
Monthly pay has only 12 periods per year, so each check equals $60,000 ÷ 12 = $5,000, the largest single paycheck amount.
An employee earns $18/hr and works 44 hours in a week. Assuming FLSA overtime rules apply, what is their gross pay?
Answer: $828.00
40 hrs × $18 = $720 regular + 4 hrs × $27 (1.5× rate) = $108 OT; total = $828.
The Medicare Additional Tax of 0.9% applies to wages exceeding which threshold for a single filer in 2024?
Answer: $200,000
Employers must withhold the additional 0.9% Medicare tax on wages over $200,000 paid to any individual employee, regardless of filing status.
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