Math Models Unit 6
Calculate the sales tax. Use 8.25% as the sales tax rate. Purchases totaling $12.00:
$0.99
Antonia invested $1,875 in a regular savings account that paid compound interest at a rate of 3.8% per year, compounded annually. How much was her investment worth in ten years?
$2,722.54
Abigail is married and earns $32,500 per year. What is her annual federal withholding?
$2,790
Calculate the sales tax on the following amount. The sales tax rate is 8.25%. Purchases totaling $27: _____
$2.23
Calculate the sales tax on purchases totaling $2,500. The sales tax rate is 8.25%.
$206.25
Jim invested $200 in a regular savings account that paid simple interest at a rate of 4.5% per year. How much was his investment worth in one year?
$209
What is the gross annual pay for Serena if she works 40 hours each week and has no overtime? (Serena makes $17.35 an hour.)
$36,088
Jasmine lost her job through no fault of her own. She had worked there for two years and the last year she earned $37,350. She has applied for unemployment insurance. What will her weekly benefit be?
$373.50
Amy lost her job through no fault of her own. She had worked there for 2 years and the last year she earned $3,200 per month. She has applied for unemployment insurance. What will her weekly benefit be?
$384
Grace, from Texas, lost her job through no fault of her own. She had worked there for 2.5 years and she earned $1,895 semimonthly her last year. She has applied for unemployment insurance. What will her weekly benefit be?
$426
Jordan has a job that pays $37,200 annually. How much is withheld from his paychecks each year for Medicare?
$539.40
Amount of expenses needed to be cut: _____
$54.20
Andi is single and earns $47,500 per year. What is her annual federal withholding?
$7,367.50
Lily invested $7,200 in a regular savings account that paid compound interest at a rate of 3.5% per year, compounded weekly. How much was her investment worth in three years?
$7,996.83
Eleanor has a job that pays $563 per week. How much is withheld from each paycheck for Medicare?
$8.16
...
...
Brett is paid $18.95 per hour with time and a half for overtime. What will his gross pay be for a pay period in which he worked 42 hours one week and 36 hours the next week for a total of 78 hours?
$1,497.05
Suppose that Stephanie increased her yearly contribution to $3,500 and continued investing for a total of 35 years. The account will still pay 11.75% interest, compounded daily. How much will her account be worth after 35 years?
$1,896,435.50
Zoey invested $5,780 in a CD that paid compound interest at a rate of 5.6% per year, compounded semiannually. How much was her investment worth in ten years?
$10,041.30
Calculate the sales tax. Use 8.25% as the sales tax rate. Purchases totaling $125:
$10.31
Calculate the sales tax on the following amount. The sales tax rate is 8.25%. Purchases totaling $137.50: _____
$11.34
Calculate the total amount paid, including sales tax. Use 8.25% as the sales tax rate. Purchases totaling $128.50:
$139.10
Emily invested $15,000 in a CD that paid compound interest at a rate of 8.2% per year, compounded monthly. How much was her investment worth in one year? closeIncorrect
$16,277.30
Peter lives in Utah, which has a 5% state income tax rate. He earns $3,700 monthly. How much state income tax is withheld from each of his paychecks?
$185 3,700 x 0.05 = 185
Ella is married and earns $1,825 semimonthly. What is her federal withholding from each paycheck?
$186.88
Andi has a job that pays $27.35 per hour for a 40-hour work week. She is paid time and a half for each hour over 40 that she works in a week. She is paid biweekly. What is her gross pay for a paycheck where she worked 40 hours in each of the two weeks for a total of 80 hours?
$2,188.00 80 x 27.35 x = 2,188.00
Saul is paid $27.35 per hour with time and a half for overtime. What will his gross pay be for a pay period in which he worked 35 hours one week and 44 hours the next week for a total of 79 hours? (Hint: Saul worked 75 regular hours and 4 overtime hours.)
$2,215.35 75 x 27.35 = 2,051.25 4 x 1.5 x 27.35 = 164.10 2,051.25 + 164.10 = 2,215.35
Dave invested $2,250 in a regular savings account that paid simple interest at a rate of 4.25% per year. How much was his investment worth in one year?
$2,345.63
Tia invested $2,700 in a regular savings account that paid compound interest at a rate of 2.5% per year, compounded weekly. How much was her investment worth in two years?
$2,838.40
Robyn invested $2,700 in an individual retirement account that pays simple interest at a rate of 9.8% per year. Although she must leave the money in the account until she is at least 65 years old and has retired, how much will her investment be worth in one year?
$2,964.60
Stephen invested $2,700 in an individual retirement account that paid compound interest at a rate of 9.8% per year, compounded quarterly. He must leave the money in the account until he is at least 65 years old and has retired. How much was his investment worth in one year?
$2,974.48
Marissa lives in Utah, which has a 5% state income tax rate. She earns $4,550 monthly. How much state income tax is withheld from each of her paychecks?
$227.50
Caleb has worked hard and is offered a salaried position with the same company. He is offered $28,000, but will be expected to work 44 hours per week with no overtime pay. How much would he be paid per year if he remained in his present job and worked 44 hours per week, and was paid for the overtime? (Caleb makes $11.15 an hour and gets time and a half for overtime.)
$26,670.80
Melanie got a job at a day care center which pays $12.50 per hour for a 40-hour work week. The company will pay half the cost of health care and match a contribution to a retirement account up to a total of $500. The full health care cost is $325 per month. What is this job's annual value to Melanie if she plans to contribute only $400 in a retirement account?
$28,350 12.50 x 40= $500 per week base salary $500×52=$26,000 $325×12×12=$1,950 $26,000+$1,950+$400=$28,350
Susie lives in Dallas and lost her job when her company downsized. She had worked there for five years and earned $28,500 her last year. She has applied for unemployment insurance. What will her weekly benefit be?
$285
Katherine is single and lives in Massachusetts, which has a state income tax rate of 5.3%. She has an annual salary of $18,500. Calculate her weekly take-home pay.
$298.12
Bill invested $3,000 in a regular savings account that paid simple interest at a rate of 2.75% per year. How much was his investment worth in one year?
$3,082.50
Kasey has a job that pays $865 per week. How much is withheld from each paycheck for Social Security?
$36.33
Jan invested $4,207.58 in a regular savings account that paid simple interest at the rate of 3.8% per year. How much was her investment worth in one year?
$4,367.47
Connie invested $3,250 in a regular savings account that paid compound interest at a rate of 7.5% per year, compounded monthly. How much was her investment worth in five years?
$4,723.21
Marie invested $4,250 in a regular savings account that paid compound interest at a rate of 2.5% per year, compounded daily. How much was her investment worth in five years?
$4,815.86
Wes lives in Colorado, which has a state income tax rate of 4.63%. He earns $895 weekly.How much state income tax is withheld from each of his paychecks?
$41.44
Maya lost her job through no fault of her own. She had worked there for two years and the last year there she earned $53,385. She has applied for unemployment insurance. What will her weekly benefit be?
$426
Morgan lives in Austin, Texas, and lost his job when his company decided to reorganize. He had worked there for 3 years, and he earned $1,750 biweekly his last year. He has applied for unemployment insurance. What will Morgan's weekly benefit be?-
$426
Andres is offered a job as manager of a health club. The job will pay $3,100 per month, paid semimonthly. Along with the base salary, the company offers to pay half the cost of medical insurance and will match Andres' contribution to a retirement plan up to a total of $3,500. If the full cost of the medical insurance is $450 per month and Andres plans to contribute the full $3,500 every year to a retirement plan, what is the actual annual value of this job to Andres?
$43,400 3,100 x 12 x = 37,200 37,200 + 400 (450/2) x 12 + 3,500 = 43,400
Anik is married and earns $29,560 per year. What is his weekly federal withholding?
$45.17
Heather invested $450 in a regular savings account that paid simple interest at a rate of 3.5% per year. How much was her investment worth in one year?
$465.75
Jamal is offered a job at a base salary of $850 per week. The company will pay one quarter of the cost of medical insurance, one half the cost of dental insurance, the full cost of vision insurance and life insurance, and up to $1,000 per year for college credits. The full monthly cost of medical insurance is $400, the full monthly cost of dental insurance is $75, the full yearly cost of vision insurance is $150, and the full monthly cost of life insurance is $20. If Jamal takes full advantage of the education benefit, what is the annual value of this job to him?
$47,240 Base salary: $850×52=$44,200 Medical insurance: 14×$400×12=$1,200 Dental insurance: 12×$75×12=$450 Vision insurance: $150 Life insurance: 12×$20=$240 Education: $1,000 Total: $44,200+$1,200+$450+$150+$240+$1,000=$47,240
Cameron is single and lives in Pennsylvania, which has a state income tax rate of 3.07%. He earns an annual salary of $82,800. Calculate his monthly take-home pay.
$5,338.80
Jack invested $5,280 in a regular savings account that paid simple interest at a rate of 1.15% per year. How much was his investment worth in one year?
$5,340.72
Sofia is married and earns $975 per week. What is her annual federal withholding?
$5,520
Calculate the sales tax. Use 8.25% as the sales tax rate. Purchases totaling $72.37:
$5.97
Caleb has a job that pays $11.15 per hour for a 40-hour work week. He is paid time and a half for every hour over 40 that he works in a week. What will his gross pay be for a week in which he works 46 hours?
$546.35 40 x 11.14= 446. 6 x 1.5 x 11.15 = 100.35 446 + 100.35 = 546.35
Kris is offered a job that pays $9.85 per hour for a 35-hour work week. She will be paid biweekly. What will her gross pay be for each paycheck?
$689.50 9.85 x 35 x 2 = 689.50
Calculate the sales tax on the following amount. The sales tax rate is 8.25%. Purchases totaling $100: _____
$8.25
Laura has a job that pays $4,625 monthly. How much is withheld annually for Medicare?
$804.75
Rob has a job that pays $14.35 per hour for a 40-hour work week. He is paid time and a half for every hour over 40 that he works in a week. What will his gross pay be for a week in which he works 51 hours?
$810.78
Lynn has a job that pays $23,600 per year and is paid monthly. How much is withheld from each paycheck for Social Security?
$82.60
Marcus had to drive to a job training workshop in a city 225 miles away from his home. He was paid $0.55 per mile each way and was also given a motel and meal allowance of $145 per day for the four-day training. How much was he paid for attending this workshop?
$827.50
Joshua has a job that pays $2,265 biweekly. How much is withheld annually for Medicare?
$853.91
Sid invested $850 in a regular savings account that paid simple interest at a rate of 2.15% per year. How much was his investment worth in one year?
$868.28
Randy invested $850 in a regular savings account that paid compound interest at a rate of 3.75% per year, compounded quarterly. How much was his investment worth in three years?
$950.71
You can use the calculator for these next problems, remember that how much will said person need to reach certain amount is Present Value what/how much it will be worth in a certain amount of years is Future Value
...
On May 5, 2012, you wrote a check to Walmart for $75.92 for camping supplies.
1 May 5, 2012 2 Walmart 3--75.92- 4--Seventy-five and 92/100-- 5 Camping supplies 6 Your Full Name
Overtime is the number of hours over _____ that are worked in a week.
40
Tim has been offered three jobs. Job A is paid on an annual basis with a salary of $26,700. Job B pays $500 per week. Job C pays $1,125 semimonthly. Which job pays the most per year?
Job C
Practice test
Practice test
Quiz 1
Quiz 1
checking account
a bank account that allows you easy access to your money
compound interest
a more complex kind of interest calculation, where interest is calculated not only on the principal, but also on the accrued interest
Haley has a job that pays $32,800 per year and is paid monthly.
a. How much is withheld from each paycheck for Social Security? $114.80 b. How much is withheld from each paycheck for Medicare? $39.63
Mario has a job that pays $2,500 per week.
a. What is his yearly deduction for Social Security? $4,624.20 b.What is his yearly deduction for Medicare? $1,885
Henry has a job that pays $48,500 annually.
a. What is his yearly deduction for Social Security? $2,037 b. What is his yearly deduction for Medicare? $703.25
budget
an estimate of expected income and expenses for a given period of time; a plan of how to save, spend, and prepare for the future
savings account
an interest-bearing bank account
Gross pay is the amount of money earned for a specified amount of time before any __________ are made.
deductions
Salary is a _____ amount of wages paid, usually on a yearly basis, regardless of how many hours are worked.
fixed
Esther wants to have $150,000 in 10 years. She plans to invest $18,000 to start and make yearly payments of $2,500 to the account. She will be receiving 6.5% interest compounded quarterly on her investment. Will she reach her goal?
no
Rey is married and earns $39,650 per year. What is his weekly federal withholding?
not $71.75 not $149.98
__________ is a fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked.
salary
sales tax
tax charged on the sale of goods and services
Social Security
tax collected to provide basic retirement benefits
withholdings deductions
taxes withheld or deducted from a paycheck, usually referring to federal income tax withholding
deductions
the amount of money subtracted from your gross earnings
principal
the initial amount invested or placed into a bank account
overtime
the number of hours over 40 that are worked in a week
simple interest
the simplest kind of interest calculation, where interest is only calculated on the principal amount
Sarah wants to have $10,000 in 6 years. She plans to invest $1,200 to start and make yearly payments of $1,200 to the account at the beginning of each year. She will be receiving 5.6% interest compounded quarterly on her investment. Will she reach her goal?
yes
salary
a fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked
Allison invested $1,007.58 in a regular savings account that paid simple interest at a rate of 5.8% per year. How much was her investment worth in one year?
$1,066.02
Mason is paid $14.53 per hour with time and a half for overtime. What will his gross pay be for a pay period in which he worked 37 hours one week and 42 hours the next week for a total of 79 hours?
$1,162.40
Virginia wants to start making periodic investments in a retirement account. She will make a yearly contribution of $3,500. The account will pay 12.5% interest, compounded monthly. How much will her account be worth after 30 years?
$1,218,353.54
Liam has a job that pays $24.15 per hour for a 40-hour work week. He is paid time and a half for every hour over 40 that he works in a week. What will his gross pay be for a week in which he works 47 hours?
$1,219.58
Calculate the sales tax on purchases totaling $15,245. The sales tax rate is 8.25%.
$1,257.71
Jayden invested $1,475 in a regular savings account that paid simple interest at the rate of 1.25% per year. How much was his investment worth in one year?
$1,493.44
Gwen invested $8,750 in a CD that paid compound interest at a rate of 6.5% per year, compounded semiannually. How much was her investment worth in six years?
$12,843.66
Sylvia invested $12,500 in a CD that paid simple interest at a rate of 9.1% per year. How much was her investment worth in one year?
$13,637.50
Sylvia invested $12,500 in a CD that paid compound interest at a rate of 9.1% per year, compounded quarterly. How much was her investment worth in one year?
$13,676.91
Jeremy will need $19,500 in 5 years for college tuition. How much should he invest now at 6.5% annual interest, compounded quarterly, to reach this goal?
$14,126.14
Dru invested $15,000 in a CD that paid simple interest at a rate of 8.2% per year. How much was her investment worth in one year?
$16,230
Daniel lives in Colorado, which has a state income tax rate of 4.63%. He earns $3,495 monthly. How much state income tax is withheld from each of his paychecks?
$161.82
Jodi invested $187.50 in a regular savings account that paid simple interest at a rate of 3.8% per year. How much was her investment worth in one year?
$194.63
Brenda is offered a job at a base salary of $450 per week. The company will pay one quarter of the cost of medical insurance, one half the cost of dental insurance, the full cost of vision insurance and life insurance. The full monthly cost of medical insurance is $350; and the full monthly cost of dental insurance is $75; the full yearly cost of vision insurance is $120; and the full monthly cost of life insurance is $20.What is the annual value of this job to Brenda?
$25,260
Brian invested $200 in a regular savings account that paid compound interest at a rate of 4.5% per year, compounded daily. How much was his investment worth in five years?
$250.46
Sophie has a job that pays $635 per week. How much is withheld from each paycheck for Social Security?
$26.67
Vincent invested $3,000 in a regular savings account that paid compound interest at a rate of 2.75% per year, compounded quarterly. How much was his investment worth in three years?
$3,257.08
Tamara invested $3,000 in an individual retirement account that pays simple interest at a rate of 11.75% per year. Although she must leave the money in the account until she is at least 65 years old and has retired, how much will her investment be worth in one year?
$3,352.50
Miguel invested $3,000 in an individual retirement account that paid compound interest at a rate of 11.75% per year, compounded daily. He must leave the money in the account until he is at least 65 years old and has retired. How much was his investment worth in one year?
$3,373.98
Kristen invested $3,500 in an individual retirement account that pays simple interest at a rate of 12.5% per year. Although she must leave the money in the account until she is at least 65 years old and has retired, how much will her investment be worth in one year?
$3,937.50
Monica invested $3,500 in an individual retirement account that paid compound interest at a rate of 12.5% per year, compounded monthly. She must leave the money in the account until she is at least 65 years old and has retired. How much was her investment worth in one year?
$3,963.46
Calculate the sales tax. Use 8.25% as the sales tax rate. Purchases totaling $37.50:
$3.09
Lindsey invested $3,250 in a CD that paid compound interest at a rate of 6.5% per year, compounded annually. How much was her investment worth in four years?
$4,181.02
Loretta is single and earns $675 per week. What is her annual federal withholding?
$4,507.50
Jennifer invested $4,500 in a CD that paid simple interest at a rate of 7.5% per year. How much was her investment worth in one year?
$4,837.50
Amber invested $4,500 in a CD that paid compound interest at a rate of 7.5% per year, compounded semiannually. How much was her investment worth in one year?
$4,843.83
Diane invested $4,750 in a regular savings account that paid simple interest at a rate of 3.25% per year. How much was her investment worth in one year?
$4,904.38
Nathan is single and earns $19,560 per year. What is his weekly federal withholding?
$41.86
Robert lost his job through no fault of his own. He had worked there for 5 years and the last year he earned $2,750 biweekly. He has applied for unemployment insurance. What will his weekly benefit be?
$426
Calculate the sales tax on purchases totaling $540. The sales tax rate is 8.25%.
$44.55
Teresa invested $450 in a regular savings account that paid compound interest at a rate of 3.5% per year, compounded weekly. How much was her investment worth in two years?
$482.62
Anthony wants to start making periodic investments in a retirement account. He will make a yearly contribution of $3,000 at the beginning of each year. The account will pay 7.2% interest, compounded monthly. How much will his account be worth after 35 years?
$490,928.71
Jodi invested $497.50 in a regular savings account that paid simple interest at a rate of 3.5% per year. How much was her investment worth in one year?
$514.91
Dylan had to drive to training workshop in a city 325 miles away from his home. He was paid $0.55 per mile each way, and was also given a motel and meal allowance of $105 per day for the three-day workshop. How much was he paid for attending this workshop?
$672.50
Yasmin wants to start making periodic investments in a retirement account. She will make a yearly contribution of $2,700. The account will pay 9.8% interest, compounded quarterly. How much will her account be worth after 35 years?
$837,569.93
Mackenzie invested $875 in a regular savings account that paid simple interest at a rate of 1.8% per year. How much was her investment worth in one year?
$890.75
Sierra invested $875 in a regular savings account that paid compound interest at a rate of 1.8% per year, compounded annually. How much was her investment worth in one year?
$890.75
Stephanie wants to start making periodic investments in a retirement account. She will make a yearly contribution of $3,000. The account will pay 11.75% interest, compounded daily. How much will her account be worth after 30 years?
$891,385.52
Karla is married and lives in Utah, which has a state income tax rate of 5%. She has an annual salary of $24,600. Calculate her semimonthly take-home pay.
$905
On May 10, 2012, you wrote a check to Amazon for $35.47 for books.
1 May 10, 2012 2 Amazon 3--35.47--4--Thirty-five and 47/100---- 5 Books 6 Your Full Name
On May 3, 2012, you wrote a check to QuickGas for $43.12 for gasoline.
1 May 3, 2012 2 QuickGas 3--43.12--4--Forty-three and 12/100---- 5 Gasoline 6 Your Full Name
On May 7, 2012, you wrote a check to Kroger for $175.92 for groceries.
1 May 7, 2012 2 Kroger 3--175.92--4--One hundred seventy-five an 92/100---- 5 Groceries 6 Your Full Name
Natalie lost her job through no fault of her own. She had worked there for two years and the last year she earned $27,500. She has applied for unemployment insurance.What will her weekly benefit be?
275
Logan has been offered three jobs. Job A pays on an annual basis with a salary of $37,500. Job B pays $720 per week. Job C pays $1,560 semimonthly. Which job pays the most per year?
Job A pays the most.
Marsha has been offered three jobs. Job A pays on an annual basis with a salary of $41,000. Job B pays $800 per week. Job C pays $1,700 semimonthly. Which job pays the most and by how much?
Job B pays the most and is $600 more than Job A.
Ty has been offered three jobs. Job A pays on an annual basis with a salary of $45,000. Job B pays $865 per week. Job C pays $1,880 semimonthly. Which job pays the most per year?
Job C pays the most
April wants to have $325,000 in 20 years. She plans to invest $80,000 to start and make yearly payments of $3,500 to the account. She will be receiving 5.5% interest compounded quarterly on her investment. Will she reach her goal?
Yes
Ramona has a job that pays $876 per week.
a. How much is withheld from each paycheck for Social Security? $36.79 b. How much is withheld from each paycheck for Medicare? $12.70
Angie has a job that pays $1,545 biweekly.
a. How much is withheld from each paycheck for Social Security? $64.89 b. How much is withheld annually for Medicare? $582.40
Diego wants to have $1,000,000 in 5 years. He plans to invest $250,000 to start and make yearly payments of $125,000 to the account. He will be receiving 3.5% interest compounded monthly on his investment. Will he reach his goal?
no
Darrius is single and lives in Pennsylvania, which has a state income tax rate of 3.07%. He earns an annual salary of $42,350. Calculate his monthly take-home pay.
not $3,420.82 not $2,545.04
Benito has worked hard and is offered a salaried position with the same company. He is offered $40,000 but will be expected to work 48 hours per week with no overtime pay. How much would he be paid per year if he remained in his present job and worked 48 hours per week but was paid for the overtime? (Benito makes $14.15 an hour.)
not $35,318.40 not $48,829.60
Megan is married and lives in Massachusetts, which has a state income tax rate of 5.3%. She has an annual salary of $28,750. Calculate her weekly take-home pay by subtracting her state income tax and her federal income tax from her salary and dividing by the number of pay periods.
not $510.05 not $504.79
gross pay
the amount of money earned for a specific amount of time, before any deductions are made
gross pay
the amount of money earned for a specified amount of time, before any deductions are made
semimonthly
twice a month
Lana wants to have $100,000 in 20 years. She plans to invest $8,000 to start and make yearly payments of $1,500 to the account. She will be receiving 7.5% interest compounded monthly on her investment. Will she reach her goal?
yes
__________ is the amount of money earned for a specified amount of time, before any deductions are made.
Gross pay
Kali is single and earns $45,800 per year. What is her annual federal withholding?
$6,942.50
Calculate the sales tax on the following amount. The sales tax rate is 8.25%. Purchases totaling $73.50: _____
$6.06
Addison wants to start making periodic investments in a retirement account. She will make a yearly contribution of $2,700. The account will pay 8.5% interest, compounded quarterly. How much will her account be worth after 35 years?
$602,072.76
What is the gross annual pay for Saul if he works 40 hours each week but also works 4 hours of overtime every two weeks? (Saul makes $27.35 an hour and gets time and a half for overtime.)
$61,154.60
Alex is offered a job at a base salary of $1,250 per week. The company will pay one quarter of the cost of medical insurance, one half the cost of dental insurance, the full cost of vision insurance and life insurance, and will pay up to $950 per year for college credits. The full monthly cost of medical insurance is $450; the full monthly cost of dental insurance is $90; the full yearly cost of vision insurance is $180; and the full monthly cost of life insurance is $35. If Alex takes full advantage of the education benefit, what is the annual value of this job to him?
$68,440
Caesar is single and earns $30,850 per year. What is his weekly federal withholding?
$74.42 30,850 - 10,850= 20,000 20,000 x 0.15 = 3,000 3,000 + 870 = 3,870 3,870 / 52 = 74.42
unemployment insurance
a program that provides compensation to workers who lose their jobs through no fault of their own, while they are actively seeking employment
Money Market Account (MMA)
a special type of interest bearing checking account where a limited number of checks per month are permitted
Certificate of Deposit (CD) -
a special type of savings account where the funds are not available until the certificate is mature
Individual Retirement Account (IRA)
a special type of savings account where the funds deposited are not available until retirement
Kris's company has given her a raise to $17.95 per hour, but plans to change the way they pay to monthly instead of biweekly. To calculate what Kris's gross pay will be for the new pay period, perform the following calculations:
a. Calculate Kris's yearly gross pay by multiplying her biweekly gross pay by 26 (the number of times she currently receives a paycheck per year): $17.95 x 80 x 26 37,336 b. Divide that amount by 12 to get the monthly gross pay: 3,111.33
Ana is married and lives in Indiana, which has a state income tax rate of 3.4%. She earns a salary of $43,500 per year, but is paid biweekly.
a. Calculate her annual state income tax: $1,479 b. Calculate her annual federal withholding: $4,440 c. Subtract both a. and b. from her annual salary: $37,581 d. Divide the answer to c. by 26 to find the amount she takes home biweekly: $1,445.42
Lamar wants to have $4,000 in 5 years. He plans to invest $250 to start and make yearly payments of $600 to the account. He will be receiving 3.5% interest compounded monthly on his investment. Will he reach his goal?
No
Quiz 2
Quiz 2
Quiz 3
Quiz 3
Nina will need $23,500 in 6 years for a new car. How much should she invest now at 7.8% annual interest, compounded quarterly, to reach her goal?
The present value is $14,783.40
Derrick will need $39,500 in 10 years for college tuition. How much should his parents invest now at 9.5% annual interest, compounded daily, to reach this goal?
The present value is $15,278.16
Omar will need $25,000 in 12 years for new machinery for his shop. How much should he invest now at 4.5% annual interest, compounded monthly, to reach his goal?
The present value is $14,583.43
Aubrey wants to have $500,000 in 10 years. She plans to invest $180,000 to start and make yearly payments of $24,000 to the account. She will be receiving 6.5% interest compounded quarterly on her investment. Will she reach her goal?
Yes
Kristi wants to have $50,000 in 10 years. She plans to invest $8,000 to start and make yearly payments of $2,700 to the account. She will be receiving 5.5% interest compounded quarterly on her investment. Will she reach her goal?
Yes
__________ is the number of hours over 40 that are worked in a week.
overtime
state income tax
tax charged by the state on earned income
Wes had to drive to a training workshop in a city 475 miles away from his home. He was paid $0.55 per mile both ways and was also given a motel and meal allowance of $175 per day for the five-day workshop. How much was he paid for attending this workshop?
$1,397.50 475 miles each way =950 miles 950×$0.55=$522.50 $175×5=$875 $552.50+875=$1,397.50
Tate is paid $17.35 per hour with time and a half for overtime. What will his gross pay be for a pay period in which he worked 35 hours one week and 44 hours the next week for a total of 79 hours?
$1,405.35
Susie is offered a job that pays $19.85 per hour for a 37-hour work week. She will be paid biweekly. What will her gross pay be for each paycheck?
$1,468.90
David lives in Pennsylvania, which has a state income tax rate of 3.07%. His annual salary is $48,500. How much is withheld annually from David's salary for state income tax?
$1,488.95 48,500 x 0.0307 = 1,488.95
Traci is married and earns $23,500 per year. What is her annual federal withholding?
$1,540
Spencer has a job that pays $37,200 annually. How much is withheld from his paychecks each year for Social Security?
$1,562.40
Calculate the total amount paid, including sales tax. Use 8.25% as the sales tax rate. Purchases totaling $1,486:
$1,608.60
Jerome, from Texas, lost his job through no fault of his own. He had worked there for 2 years and the last year he earned $39,000. What is the maximum amount he can collect from unemployment?
$10,140
Adrienne lost her job when her company downsized. She had worked for the Texas company for 2 years and the last year she earned $1,200 per month. She has applied for unemployment insurance. What will her weekly benefit be?
$144
Calculate the sales tax. Use 8.25% as the sales tax rate. Purchases totaling $189.50:
$15.63
Calculate the sales tax on the following amount. The sales tax rate is 8.25%. Purchases totaling $2,350: _____
$193.88
Kerry has a job that pays $1,954 biweekly. How much is withheld annually for Social Security?
$2,133.77
Robyn is purchasing a new car at a price of $21,635. She is offered $17,481 to trade in her present car. She will have to pay sales tax on the difference between the price of the new car and the trade-in value of her present car. The sales tax rate is 8.25%.
$21,635 - $17,481 = $4,154 $4,154 x 0.0825 = $342.71 $4,154 + 342.71 = $4,496.71 a. How much sales tax will she owe? $342.71 b. How much will she have to pay to get her new car? $4,496.71
Marsha is offered a job as a receptionist in a medical office. She will be paid $17.50 per hour for 35 hours per week. The office offers free medical coverage worth $6,500 per year. It will also contribute half the cost of dental insurance and life insurance. If the actual cost of the dental insurance is $900 per year and the actual cost of the life insurance is $250 per year, what is the annual value of this job to Marsha?
$38,925 17.50 x 35 x 52 = 31, 850 31,850 + 6,500 + 1/2 x 900 + 1/2 x 250 = 38,925
Erin's company has given her a raise to $27.95 per hour for a 40-hour week but plans to change the way they pay to monthly instead of biweekly. Calculate what Erin's gross pay will be on her next paycheck, according to the new pay plan.
$4,844.67
Arturo lives in Colorado, which has a state income tax rate of 4.63%. He earns $1,345 biweekly. How much state income tax is withheld from each of his paychecks?
$62.27 13,45 x 0.0463 = 62.27
Maribel is offered a job as a paralegal at an annual base salary of $47,000. In addition, the company will pay the following benefits: a retirement contribution that is 10.5% of Maribel’s base salary, disability insurance totaling $338, medical insurance totaling $6,500, and a year-end bonus of 17% of her base salary. What is the annual value of this job to Maribel?
$66,763 0.105 x 47,000 = 4,935 0.17 x 47,000 = 7,900 47,000 + 4,935 + 338 + 6,500 + 7,900 = 66,763
Andrew lives in Colorado, which has a state income tax rate of 4.63%. He earns $1,495 weekly. How much state income tax is withheld from each of his paychecks?
$69.22
Benito has a job that pays $14.15 per hour for a 40-hour work week. He is to be paid time and a half for every hour over 40 that he works in a week. What will his gross pay be for a week in which he works 49 hours?
$757.03
Aiden lives in Illinois, which has a state income tax rate of 3%. He earns $3,700 monthly. How much state income tax is withheld annually from his paychecks?
$1,332 3,700 x 0.03 x 12 = 1,332
Serena has a job that pays $17.35 per hour for a 40-hour work week. She is paid time and a half for each hour over 40 that she works in a week. She is paid biweekly. What is her gross pay for a paycheck where she worked 40 hours in each of the two weeks for a total of 80 hours?
$1,388
Rebecca is offered a job as an insurance adjuster at an annual base salary of $23,000. In addition, the company will pay the following benefits: retirement contribution 10.5% of base salary, disability insurance $258, medical insurance $4,750, year-end bonus of 27% of base salary. What is the annual value of this job to Rebecca?
$36,633
Dee lives in Michigan, which has a state income tax rate of 4.35%. She earns $2,200 per week. How much state income tax is withheld annually from her paychecks?
$4,976.40 2,200 x 0.0435 x 52 = 4,976.40
Calculate the total amount paid, including sales tax. Use 8.25% as the sales tax rate. Purchases totaling $37.50:
$40.59
What is the gross annual pay for Tate if he works 40 hours each week but also works 8 hours of overtime every two weeks? (Tate makes $17.35 an hour.)
$41,501.20
Alma is offered a job as a receptionist in a medical office. She will be paid $19.20 per hour for 37 hours per week. The office offers free medical coverage worth $5,500 per year. It will also contribute half the cost of dental insurance and life insurance. If the actual cost of the dental insurance is $700 per year and the actual cost of the life insurance is $200 per year, what is the annual value of this job to Alma?
$42,890.80
Wes is married and earns $47,500 per year. What is his annual federal withholding?
$5,040
Ernesto is married and lives in Pennsylvania, which has a state income tax rate of 3.07%. He earns an annual salary of $82,800. Calculate his monthly take-home pay.
$5,793.59
Calculate the total amount paid, including sales tax. Use 8.25% as the sales tax rate. Purchases totaling $475:
$514.19
Karla is offered a job as manager of a restaurant. The job will pay $4,200 per month, paid biweekly. Along with the base salary, the company offers to pay half the cost of medical insurance and will match Karla's contribution to a retirement plan up to a total of $2,500. If the full cost of the medical insurance is $550 per month and Karla plans to contribute the full $2,500 every year to a retirement plan, what is the actual annual value of this job to Karla?
$56,200
What is the gross annual pay for Andi if she works 40 hours each week and has no overtime? (Andi makes $27.35 an hour.)
$56,888 27.35 x 40 x 52 = 56,888
biweekly
every two weeks
Alex is offered a job managing a gift store at a mall at a base salary of $950 per week. The company will pay one quarter of the cost of medical insurance, one half the cost of dental insurance, the full cost of vision insurance and life insurance and will pay up to $1,250 per year for college credits. The full monthly cost of medical insurance is $550; the full monthly cost of dental insurance is $80; the full yearly cost of vision insurance is $160; and the full monthly cost of life insurance is $25. If Alex takes full advantage of the education benefit, what is the annual value of this job to him?
not $50,215 not $51,465