Unit 5 Quizizz Review

Natasha Romanoff's marginal federal income tax rate is 24%. How much money will Natasha save in federal income taxes if she deposits the $6,000 in a tax deferred retirement account instead of depositing her money in a taxable account?

• $1,440.00

• $1,200.00

• $1,500.00

• $1,350.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.3

CCSS.HSA.REI.B.3

If you participate in a 457 plan, a defined contribution plan, at work, are you or your employer responsible for investing the funds?

• You are responsible

• Your employer is responsible

Are you more likely to have a defined benefit plan or defined contribution plan if you have a government job?

• Defined benefit plan

• Defined contribution plan

At retirement, Luke Cage is withdrawing $9,000 a month out of his Roth 401(k). How much money does he save in federal income tax each month compared to withdrawals from a regular 401(k) if his marginal tax rate is 35%? Round all answers to 2 decimal places, if necessary.

• $3,150.00

• $2,500.00

• $3,000.00

• $3,200.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

Monica Rambeau is withdrawing $7,000 a month out of an IRA. If her marginal federal income tax rate is 28%, how much money will she pay in federal income taxes each month on that withdrawal? Round all answers to 2 decimal places, if necessary.

• $1,960.00

• $1,800.00

• $2,000.00

• $1,750.00

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

What is the difference between a Roth IRA and a regular IRA? Choose the correct statement about their differences in contributions and withdrawals.

• Roth IRA contributions are tax-deductible, while regular IRA contributions are not.

• Withdrawals from a Roth IRA are tax-free, while regular IRA withdrawals are taxed. Contributions to a Roth IRA are taxed, while regular IRA contributions are not.

• Both Roth IRA and regular IRA have the same tax treatment for contributions and withdrawals.

• Regular IRA contributions are always tax-free, while Roth IRA contributions are taxed.

Tony Stark starts depositing $1,000 per month in a retirement account that earns 10%, compounded monthly. How much money will be in that account 50 years from now?

Tags

CCSS.HSF.BF.A.1

CCSS.HSF.IF.A.2

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.A.3

CCSS.HSN.Q.A.1

If in the previous problem, Tony Stark waited until 35 years before retirement to deposit the $1,000 per month, how much money will be in that account 35 years from now if his account earns 10% compounded monthly?

Tags

CCSS.HSF.BF.A.1

CCSS.HSF.BF.A.2

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.B.5

Steve Rogers starts depositing $1,000 per month in a retirement account that earns 3.5%, compounded monthly. How much money will be in the account in 45 years?

Tags

CCSS.HSA.CED.A.1

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.A.3

If in the previous problem, Steve Rogers waited until 25 years before retirement to deposit the $1,000 per month, how much money will be in that account 25 years from now if his account earns 3.5% compounded monthly?

Tags

CCSS.HSF.BF.A.1

CCSS.HSF.IF.A.2

CCSS.HSF.LE.A.1

CCSS.HSF.LE.A.2

CCSS.HSF.LE.A.3