Taxes & Fundamentals of Algebra
Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?
$206
Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...
Set up text alerts, so she will be notified of potentially fraudulent charges in the future
Contact the bank immediately, so they can investigate the charge
Review her receipts and the details of the transaction, so she can confirm if the charge is real
Wait for the bank to contact her, so she has the complete fraud report before responding
Wait for the bank to contact her, so she has the complete fraud report before responding
Which of the following statements accurately describes the relationship between interest rates for savings accounts and inflation?
Savings accounts earn a negative real return because interest rates are higher than inflation
Savings accounts earn a negative real return because interest rates are lower than inflation
Savings accounts earn a positive real return because interest rates are higher than inflation
Savings accounts earn a positive real return because interest rates are lower than inflation
Savings accounts earn a negative real return because interest rates are lower than inflation
Which of the following items has the lowest unit price?
A 19 oz box of brand-name cereal for $3.99
A 21.6 oz box of generic cereal for $2.93
A 29.4 oz box of brand-name cereal for $4.99
A 39 oz bag of generic cereal for $4.68
A 39 oz bag of generic cereal for $4.68
Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. Her W-2 states that $2,670 was withheld in federal tax. This means that Maricela…
Will receive a refund of $177
Which of these bank alerts will help protect you from overdrafting your account?
Unusual activity alert
Low balance alert
Debit card alert
Profile change alert
Low balance alert
What does it mean if a person lives paycheck-to-paycheck?
They use their entire paycheck to cover monthly expenses and have very little money saved
A household is defined as housing-burdened if their housing costs are greater than...
20% of their income
30% of their income
40% of their income
50% of their income
30% of their income
Georgia completed her taxes and found that she owes $1,941 in federal taxes. If her taxable income for the year was $16,175, what is her effective tax rate?
12%
Your bank statement includes all of the following information, EXCEPT...
Your credit score
The statement period
Any fees charged by the bank
Debits and credits on your account
Your credit score
Using the 50/30/20 budgeting plan can help you save money because…
It recommends that 20% of your budget goes to debt repayment or savings
All of the following are benefits of hourly work, EXCEPT...
Opportunities for overtime and holiday pay
Consistent paycheck
Some control over scheduling and work hours
Opportunity to pursue other jobs and interests
Consistent paycheck
Which answer below represents the largest rational number?
One third of community members support raising the property tax
24 cents of every state tax dollar go toward funding K-12 education
10% of taxpayers file for an extension each year
389 high school sophomores, in a class of 910, paid payroll taxes in the last year
389 high school sophomores, in a class of 910, paid payroll taxes in the last year
What is the slope of the linear function shown in the table below?
x y
# of checks cashed total fees ($)
0 0
4 14
8 28
12 42
14/4
How much do personal finance experts recommend having saved in an emergency fund?
3-6 months of expenses
Jamari is working in a grocery store where he makes $22 an hour as an assistant manager. His work hours are irregular depending on the time of year, so he has kept track of his total hours worked for the last 6 months. Use the table below to calculate Jamari’s average gross monthly income. Round your answer to the nearest whole hour.
$3,348
Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Write an equation that represents Tamara’s net pay, where x represents her gross pay per pay period.
f(x) = 0.89x - 200
Which of the following graphs represents the equation y = -2x + 1?
B
Lucas’s saving balance is represented by the line y = 40x + 20 graphed below. Marcos’s savings balance is represented by the line y = 30x + 90 graphed below. What does the intersection of the two lines represent?
They both have saved $300 total after 7 weeks
Which of the following equations should be typed into cell B13 to calculate the total expenses for this budget?
=SUM(B2:B11)