Paycheck Math
Jordan earns $18/hr and worked 46 hours last week. Overtime rate is 1.5x. How much did he make in overtime?
What is $162?
If someone owes $2,000 in taxes on a taxable income of $20,000, what is their effective tax rate?
What is 10%?
If f(x) = 2x + 7, what is f(5)?
What is f(5) = 17?
What is the difference between gross pay and net pay?
Gross = total pay before deductions; Net = pay after all deductions are taken out.
If gross pay is $2,500 and FICA deductions total $191.25, what percentage of gross pay is FICA?
What is 7.65%?
What's the difference between marginal tax rate and effective tax rate?
Marginal rate = tax on the next dollar earned; Effective rate = total tax ÷ total income
If C(n) = 4.50n + 2, what is C(4)?
What is C(4) = $20?
What does FICA stand for and what does it fund?
Federal Insurance Contributions Act; funds Social Security and Medicare.
Gross $3,200 − Federal tax $480 − FICA $244.80 − State tax $128 − Health insurance $75 = what net pay
What is $2,272.20?
Using this bracket: 10% on income up to $10,000; 12% on income $10,001–$40,000. What tax is owed on $35,000 taxable income?
What is $4,000?
For P(h) = 15h, what is the domain?
What is [0, infinity)?
A form you fill out to tell employer how much tax to withhold
What is a W4?
If FICA is 7.65% of gross pay and an employee's FICA deduction is $229.50, what is their gross pay?
What is $3000?
Explain why a progressive tax system is "fair" to some people.
Those earning more pay a higher percentage, so the tax burden is proportional to ability to pay.
What is a function?
What is a relationship where each input has exactly one output?
Explain the difference between standard deduction and itemized deduction.
Standard = flat amount everyone can deduct; Itemized = you add up specific deductions (mortgage, donations, etc.) if they total more than standard.