midterm review

Front

What is the percentage of earnings that goes to Social Security?

Back

6.2%

Front

How much power does a certain guitar amplifier require when in use?

Back

850 watts

Front

What is the cost to run an 850-watt amplifier for 90 minutes at $0.14 per kWh?

Back

$0.18

Front

What is the Medicare tax rate?

Back

1.45%

Front

If gross income is $24,388, what is the Medicare Tax due at a rate of 1.45%?

Back

$353.63

Front

What is 18% of $250?

Back

$45

Front

How do you calculate the percentage of a number?

Back

Multiply the number by the percentage (in decimal form).

Front

What is the formula to calculate the cost of electricity used?

Back

Cost = (Power in kW) x (Time in hours) x (Cost per kWh)

Front

What is the difference between gross income and net income?

Back

Gross income is total earnings before deductions; net income is what remains after deductions.

Front

What is the purpose of Social Security?

Back

To provide financial support to individuals during retirement, disability, or death.