Financial Algebra Semester Final Review

Each of these is a common payroll deduction EXCEPT…

• Office supplies and equipment

• Federal income taxes

• FICA

• Health insurance plan

Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?

• $206

• $254

• $300

• $395

Tags

CCSS.7.EE.B.3

Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits.  Her W-2 states that $2,670 was withheld in federal tax.  This means that Maricela…

• Has to pay $177 in taxes owed

• Will receive a refund of $177

• Will pay $177 less in taxes next year since she overpaid this year

• Should speak to her employer to get the $177 in extra taxes that they withheld

Tags

CCSS.6.EE.B.7

Which statement best describes the difference between being paid a wage versus being paid a salary? 

• A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

• A wage is paid based on how many hours you work, while a salary is a fixed amount paid regardless of the number of hours

• A wage is paid every two weeks, while a salary is paid monthly

• A wage is paid to part-time employees, while a salary is paid to full-time employees

Georgia completed her taxes and found that she owes $1,941 in federal taxes.  If her taxable income for the year was $16,175, what is her effective tax rate?

• 10%

• 12%

• 18%

• 22%

Tags

CCSS.8.EE.C.7B

James received his W-2.  How much did he pay in federal and FICA taxes combined?

• $1,576.20

• $2,861.30

• $4,437.50

• $4,962.93

Tags

CCSS.8.EE.C.7B

Given that f(x) = -4x + 7, which of the following ordered pairs represents f(2)?

• (2, -1)

• (2, 6.5)

• (2, -1.25)

• (2, 1)

Tags

CCSS.HSF.IF.A.2

Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Write an equation that represents Tamara’s net pay, where x represents her gross pay per pay period.

• f(x) = 0.11x + 200

• f(x) = 0.11x - 200

• f(x) = 0.89x + 200

• f(x) = 0.89x - 200

Tags

CCSS.HSF.LE.A.2

CCSS.8.F.B.4

Gertrude sells cabbages at the farmers market. It costs $50 for her to enter the market and set up her booth, and she makes $5 per cabbage that she sells. She can model her profits with the function p(c) = 5c -50 where c is the number of cabbages sold. If she brings 100 cabbages to the farmers market, which correctly expresses the domain and range for this function?

• Domain: 0 ≤ c ≤ 50 Range: 0 ≤ p(c) ≤ 500

• Domain: 0 ≤ c ≤ 100

  Range: 0 ≤ p(c) ≤ 500

• Domain: 0 ≤ c ≤ 50 Range: -50 ≤ p(c) ≤ 450

• Domain: 0 ≤ c ≤ 100

  Range: -50 ≤ p(c) ≤ 450

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.3

CCSS.HSF.IF.A.2

CCSS.HSF.IF.A.1

CCSS.HSF.IF.B.5

In preparation for moving into his first apartment after college, Winston goes on a shopping spree and spends $984 on furnishing, decorations, and other home goods. Sales tax in his area is 8.19%, and none of the items he buys are tax exempt. What will Winston’s total bill be at the cash register? Round your answer to the nearest cent.

Tags

CCSS.7.RP.A.3