Financial Algebra Practice

What is the formula to calculate federal income tax?

• The formula to calculate federal income tax is the individual's taxable income multiplied by the tax rate.

• The formula to calculate federal income tax is 10% of the individual's taxable income.

• The formula to calculate federal income tax is the individual's taxable income divided by the tax rate.

• There is no single formula to calculate federal income tax as it depends on the individual's taxable income and the tax brackets.

Tags

CCSS.6.EE.B.6

Evaluate the function notation f(4) for the function f(x) = 3x - 2.

• -2

• 10

• 12

• 6

Tags

CCSS.HSF.IF.A.2

Convert 75% to a fraction in simplest form.

• 3/4

• 4/5

• 2/5

• 1/3

Solve the equation: 0.25x + 0.5 = 1.25

• 2

• 4

• 3

• 5

Tags

CCSS.7.EE.B.4A

Convert 3/4 to a decimal.

• 0.75

• 0.9

• 0.5

• 0.25

1. What is the difference between gross pay and net pay?

• 1. Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay

• 3. Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay

• 2. There is no difference between gross pay and net pay

Tags

payroll taxes

3. What are two examples of Employer Contributions?

• 1. Health Insurance & 401k

• 2. 401k & Roth IRA

• 2. Federal & State Taxes

• 2. Traditional & Roth IRA

1. What is a progressive tax?

• 1. A tax that you pay whenever you buy something

• 2. A tax where high earners pay a higher percentage than low earners

• 1. A tax that funds social welfare programs

• 1. A tax that is automatically withheld from your paycheck

2. Which of the following is true about federal income tax?

• 1. It is the only tax you will pay on your wages, salary, and tips

• 1. It primarily funds Medicare and Social Security

• 1. It is a tax you pay based on the value of your home

  2. I

• 1. It is a progressive tax that depends on your income level

3. Imagine your local mayor proposes a 1% increase in the sales tax rate. Who is likely to be the most impacted by this increase?

• 1. Talia, who makes $16,750 a year

• 2. Daytona, who earns $58,950 a year

• 1. Imani, who makes $375,250 a year

• 1. They will all be equally impacted