Unit 5 Review

Susan is applying for a job as a financial analyst and will make $82,450 a year if she gets the job. What will Susan's average weekly gross pay be if she gets the job?

• $2061.25

• $6870.83

• $1585.58

• $7210.45

Answer explanation

There are 52 weeks in a year, so the yearly salary divided by 52 will give the average weekly salary

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CCSS.6.RP.A.3B

Marco is a licensed master electrician and makes $75 an hour. He works an average of 28 hours a week. What is his average monthly income?

• $8400

• $2100

• $9100

• $109,200

Answer explanation

The hourly rate must be multiplied by the hours to get the amount per week. Then it needs to be multiplied by 52, because there are 52 weeks in a year, to get the yearly amount. Finally, it needs to be divided by 12 to get the average monthly amount because there are 12 months in a year.

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CCSS.7.EE.B.3

Anthony got an afterschool job as a retail salesman. He makes $2.50 an hour plus commissions. Last week, he worked 5 days for 2.5 hours each. His commissions totaled $312.00. What was Anthony’s gross pay for last week?

• $324.50

• $343.25

• $415.25

• $396.75

Answer explanation

To find the total hours worked, we multiply the number of hours worked per day with the number of days. Next, we multiply that by the hourly rate to get his hourly pay. Then we add the commissions.

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CCSS.7.EE.B.3

The amount earned by an insurance salesman is a percentage of the dollar value of the policies sold. If a salesman earns $6720 for sales of policies valued at $240,000, then what would the salesman earn on policies valued at $180,000?

• $2678

• $7500

• $5040

• $1330

Answer explanation

Percentages are proportional! You can build a proportion using the ratio of policies to commission and solve

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CCSS.6.RP.A.3C

Susie made $3,220 last month, before deductions. Her deductions are as follows:

Social Security 6.1%

Medicare 1.52%

Federal Tax 19.6%

Medical Insurance $250

Union dues $32

Medical insurance and the union deductions are made after all other deductions. Find Susie's final pay.

• $3220.00

• $2342.52

• $2060.52

• $3003.68

Answer explanation

Step 1: Find the deduction for Social Security by taking 6.1% of gross pay

Step 2: Find the deductions for Medicare by taking 1.52% of gross pay

Step 3: Find the deduction for Federal Tax by taking 19.6% of gross pay

Step 4: Find total deductions by adding the amounts for Social Security, Medicare, Federal Tax, Medical Insurance, and Credit Union

Step 5: Subtract total deductions from gross pay (gross pay minus total deductions)

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CCSS.6.RP.A.3C

Consider the pay stub. If 6.2% of the gross earnings were deducted for Social Security, what are the net earnings?

• $2188.80

• $2038.02

• $1815.23

• $393.98

Answer explanation

Step 1: Find the deduction for Social Security by taking 6.2% of gross pay

Step 2: Find total deductions by adding amounts of Social Security, Medicare, and Federal Income Tax

Step 3: Subtract total deductions from gross pay (gross pay minus total deductions)

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CCSS.7.RP.A.3

Ralph's gross income is $43,000. When filing his income taxes, he plans to take the standard deduction of $12,200. What is his adjusted gross income?

• $30,800

• $31,000

• $55,200

• $41,780

Answer explanation

Step 1: Subtract the standard deductions from gross income (gross income minus standard deduction)

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CCSS.7.EE.B.3

Rebecca pays $3,946.95 in property tax each year. Her adjusted gross income is $62,650. What percentage of her adjusted gross income is she paying in property tax?

• 15.87%

• 6.3%

• 3.95%

• 9.23%

Answer explanation

Convert the following sentence into a Desmos sentence : What percent of Gross income is property tax? Fill in the known values.

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CCSS.6.RP.A.3C

Lynn's adjusted gross income is $52,000. People with her income level are assessed a tax fee of $2,100 plus a 22% marginal tax on the amount over $45,000. How much will Lynn pay in taxes?

• $13,540

• $11,440

• $7,000

• $3,640

Answer explanation

Find the marginal income by subtracting the base amount from adjusted gross income .... Adjusted gross minus base amount

Find marginal tax by taking 22% of marginal income

Add base fee and marginal tax

Zypher had $6.28 left in his checking account which charges $38 for each overdraft. He used his debit card to purchase an item for $21.34. What amount is in his checking account after the purchase including the overdraft fees?

• $-15.06

• $44.28

• $-10.38

• $-53.06

Answer explanation

Step 1: Find the real cost by adding the overdraft fee and the cost of the item

Step 2: Subtract the real cost from the amount in the account (amount in account minus the real cost)

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CCSS.7.NS.A.3