Unit 1 AFDA

Given the fraction 3/7, the decimal equivalent to the nearest thousandth would be

• 0.428

• 0.43

• 0.4

• 0.4286

Given the decimal 0.352, what is the most simplified fraction?

Given the percentage 72%, which of the following NOT equivalent?

A W-4 is...

• A document that you received from the federal government detailing total taxes owed for the year.

• A form you fill out so that your employer can calculate how much to withhold in taxes from your paycheck.

• 1. A summary of your gross vs net pay including current pay periods and year to date withholdings.

• 1. A document used to calculate retirement and health insurance withholding.

2. A FICA withholding on your paystub is…

• 1. A retirement withholding that is taken before taxes are calculated.

• 1. A federal tax to cover Social Security and Medicare programs.

• 1. A state or local tax used to fund road and bridge improvements.

• 1. A special type of health insurance withholding that helps lower your total taxes owed.

3. You made $1,265.00 in gross pay this pay period. Your net pay was $963.50. What percentage of your gross pay was withheld from your paycheck for taxes and voluntary deductions? Round to the nearest whole percentage.

• 11%

• 24%

• 65%

• 76%

• 147

• 71

• 142

• 137

What is a progressive tax?

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

• 1. 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.