Decimals & Fractions
Change a fraction to a decimal
20/100 =
0.20
An amount is what percent greater than another amount
$72 is what percent greater than $50?
44%
72- 50 = 22 22/50 = 0.44 = 44%
Adding money amounts with decimals
Add: $406.45 + $208.45 +$68.31 + $2, 947.28 =
$3,630.49
Find net pay
Jill earned gross wages of $587.12. Jill’s deductions were: $33 in federal withholding
taxes, 6.2% in social security taxes, 1.45% in Medicare taxes, $30.00 in health
insurance, and $10 in union dues. Find Jill’s net pay.
$469.21
$587.12 - ($587.12 X .0765 + 33 + 30 + 10) = $469.21
Compute taxable income
Monty had a gross income of $45, 600. He also had adjustments to income of $2,500, itemized deductions of $5,300, and 2 exemptions at $3100. What was Monty’s taxable income?
$31,600
$45,600 - $2500 - $5300 - $3100 (2) = $31,600
Rewrite a decimal to a fraction in lowest terms.
0.32 = 32/100 =
8/25
An amount is what percent less than another amount.
$80 is what percent less than $100?
100-80 = 20 20/100 = .20 = .20 x 100 = 20%
Divide a dollar amount by a decimal
Divide: $325 divided by 0.2 =
$1,625
Find total job benefits
A job you are considering offers these benefits: paid vacations $3,000; paid holidays, $2,500; paid pension, $4,020.38; paid health insurance, $528.85. What are the total benefits of the job?
$10,049.23
$3000 + $2,500 + $4,020.38 + 528.85 = $10,049.23
Figure state income tax refund
John had a taxable income of $20,235 last year. His employer withheld in $635 in state withholding taxes. If John’s state has a 3% state income tax on taxable income, what amount should John receive as a refund?
Figure federal income tax refund
NOTE: You will need the tax chart for this one also remember this:
A single dependent who is not blind and under 65 can claim as a standard deduction the higher of these two amounts:
a. $800
b. The amount of earned income, plus $250, up to $4,850 (This is the standard deduction used in our text)
$27.95
$20235 x 3% (or 0.03) = $607.05 $635 - $607.05 = $27.95
Rewrite a decimal to a fraction in lowest terms.
0.55 =
55/100 = 11/20
Percent of income spent on housing
A married couple earned a total of $93,420 last year. They spent during that year $18,200 on housing. What percent of their income, to the nearest whole percent, did they spend on housing last year?
19%
18,200/93420 = 0.194819097 x 100 = 19%
Total receipts for the week
Sara had these cash receipts: July 2, interest from a savings account, $22.50; July 3, Sara’s paycheck, $501.27; July 5, returned purchase, $89.51; July 8, rebate on purchase, $72. What were Sonia's total receipts for the week?
$685.28
$22.50 + $501.27 + $89.51 + $72 = $685.28
Find annual net job benefits
Susie earns an annual wage of $53, 589. She estimates job benefits at 0.312 of her wages and her job expenses at: insurance 0.03 of her wages; transportation, $1, 328; dues $250; and birthday fund, $45. What are her annual net job benefits?
$67,078.10
$53,589 + 0.312 x $53,589 - (0.03 x 53,589 + 1328 +250 + 45) = $67,078.10
Richard had an earned income of $2,250 last year from part-time work. He also earned $21.12 in interest from a savings account. His father claimed him as an exemption on his tax return. If Richard’s employer withheld $210 from his wages for withholding taxes, how much should Vance get back as a refund on his federal income taxes?
$210 refunded.
Allowable Deduction: $2,250 + $250 = $2500
Adjusted Gross Income: $2250 + 21.12 = $2271.12
His gross income is less than his deductions so he has no taxable income. Therefore, he gets the full $210 refunded.
Change a fraction to a decimal
45/100 =
.45
Rewriting a number to a percent to the nearest tenth of a percent
Rewrite 0.059830 =
6 %
Total cash payments for the week.
Jerry had these expenses during the week of May 2: dinner $31.48; rent, $575; clothing $37.15; bus fare, $23; miscellaneous, $41.86; savings $85. What was Jerry’s total cash payments for the week?
$793.49
$31.48 + $575 + $37.15 + $23 + $41.86 + $85 = $793.49
Compute taxable income
Monty had a gross income of $45, 600. He also had adjustments to income of $2,500, itemized deductions of $5,300, and 2 exemptions at $3100. What was Monty’s taxable income?
$31,600
$45,600 - $2500 - $5300 - $3100 (2) = $31,600
Which report must taxpayers file each year to determine if they have paid enough taxes?
a. federal income tax report
b. federal income tax statement
c. federal income tax document
d. federal income tax return
Multiply a decimal percent by a dollar amount
Multiply: 4.82% x $45, 082 =
$2,172.95
Calculate annual budget savings when given its percentage of wages and the monthly amount.
Your budget says that savings should be 12% of income. If you ern $1,500 a month, how much should you save in a year?
$1500 x 12 = $18,000 12% (or 0.12) x 18000 = $2,160
$2,160
$1500 x 12 = $18,000 12% (or 0.12) x 18000 = $2,160
Subtract money amounts
Subtract: $33, 510.24 - $8, 488.05 =
$25,022.19
The Madisons want to budget their income. They estimate that their net income this year will be $39,000. They plan to spend 25% of their income on food. How much do they plan to spend on food?
$9,750
$39,000 x .25 = $9,750
If too much withholding tax has been paid, the government pays it back in the form of a __________
refund