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nd want to begin te e. ke the decision as

nd want to begin te e. ke the decision as

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Goal To understand and calculate the deductions of your bi-weekly paycheck. Role You have just received your fırst part-time job and want to begin to budget you finances. There are many deductions that you will need to calculate and you want to make sure that you will be able to afford your car insurance. Audience Calculating the deductions will allow you to make the decision as to whether or not you will be able to relieve your parents of paying for your car insurance. Situation Your parents have been paying your car insurance with the understanding that you will get a part-time job and begin to take over the payments. You have recently started working at a local grocery store for 20 hours a week. Your part-time pay rate is $9.00 per hour. You will not be able to work any overtime. You will need to pay $2.50 a week in professional dues and you will not be paying for any health care, as you are still covered under your parents insurance. Performance Task You will need to calculate your bi-weekly paycheck based on 20 hour weeks at a rate of $9.00 per hour. You will need to deduct Federal Income Tax, State Income Tax, F.I.C.A, and professional dues. Lastly you will need to look determine whether or not you will be able to pay your monthly car insurance bill of $200.00 Standards for Success 1. Student will calculate their pay rate. 2. Student will calculate and deduct the Federal Income Tax for their paycheck. 3. Students will calculate and deduct the State Income Tax for their paycheck. 4. Students will calculate and deduct F.I.C.A. for their paycheck. 5. Students will calculate and deduct the professional dues. 6. Students will show all calculations and submit on a word document. 7. Students will then determine if they will be able to pay their monthly car insurance.
Transcribed Image Text:Goal To understand and calculate the deductions of your bi-weekly paycheck. Role You have just received your fırst part-time job and want to begin to budget you finances. There are many deductions that you will need to calculate and you want to make sure that you will be able to afford your car insurance. Audience Calculating the deductions will allow you to make the decision as to whether or not you will be able to relieve your parents of paying for your car insurance. Situation Your parents have been paying your car insurance with the understanding that you will get a part-time job and begin to take over the payments. You have recently started working at a local grocery store for 20 hours a week. Your part-time pay rate is $9.00 per hour. You will not be able to work any overtime. You will need to pay $2.50 a week in professional dues and you will not be paying for any health care, as you are still covered under your parents insurance. Performance Task You will need to calculate your bi-weekly paycheck based on 20 hour weeks at a rate of $9.00 per hour. You will need to deduct Federal Income Tax, State Income Tax, F.I.C.A, and professional dues. Lastly you will need to look determine whether or not you will be able to pay your monthly car insurance bill of $200.00 Standards for Success 1. Student will calculate their pay rate. 2. Student will calculate and deduct the Federal Income Tax for their paycheck. 3. Students will calculate and deduct the State Income Tax for their paycheck. 4. Students will calculate and deduct F.I.C.A. for their paycheck. 5. Students will calculate and deduct the professional dues. 6. Students will show all calculations and submit on a word document. 7. Students will then determine if they will be able to pay their monthly car insurance.
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