Financial Algebra Quarter 2 Final Exam Review part 2

Front

What are FICA taxes?

Back

U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare.

Front

How do you calculate the loan amount needed for a house purchase?

Back

Loan Amount = House Price - Down Payment. For a $300,000 house with a 15% down payment, the loan amount is $255,000.

Front

Who is a tenant?

Back

A person who rents a property from another person.

Front

What is the next step after determining taxable income?

Back

Use the tax schedule to determine the amount owed in taxes.

Front

How much net pay is made in total this year if the total is $772.40?

Back

$772.40 is the total net pay made this year.

Front

What is the formula for calculating down payment?

Back

Down Payment = House Price x Down Payment Percentage.

Front

What is the purpose of FICA taxes?

Back

To fund Social Security and Medicare.

Front

What does APR stand for in a mortgage context?

Back

Annual Percentage Rate.

Front

What is the role of a landlord?

Back

A landlord is a person who owns a property and rents it out to tenants.

Front

How do you determine the total amount owed in taxes?

Back

Refer to the tax schedule based on taxable income.