Essay on Personal Finance Assignment 2

1777 Words Oct 17th, 2015 8 Pages
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Assignment 2

Instructions

Save the file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment 1R for Section 1 would be named Assignment1JRobinson.

Type the answers to the assignment's questions. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
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This is unearned because there is no work that my parents here have to do to receive it.

7. In your Section_2 folder, navigate to and open the Example_W-2. Use it to answer the questions below.

a. What is the name of Jessie Robinson's employer? (0.5 points)

Finance Learning Corporation

b. What is the total gross income Jessie received from this employer? (0.5 points) TIP: This is in the box labeled Wages, tips, other compensation.

$16,680.24

c. How much did Jessie's employer withhold for federal income tax from Jessie's paycheck? (0.5 points)

$1,728.00

d. How much did Jessie's employer withhold for Social Security tax from Jessie's paycheck? (0.5 points)

$1,034.16

e. How much did Jessie's employer withhold for Medicare tax from Jessie's paycheck? (0.5 points)

$241.92

f. Calculate Jessie Robinson’s net pay by subtracting the three amounts withheld for taxes from Jessie's gross pay. (0.5 points)

$251.92

8. In your Section_2 folder, navigate to and open the Example_1040EZ, and then complete the steps below to save a copy of the file with your initials in your Section_2 folder.

a. Click the File menu, and then Click Save a Copy.

b. If a Save a Copy dialog box appears, click Save a Copy.

c. Make sure the Save in drop-down list is set to your Section_2

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