Functions
F(x)=5x-8
F(6)=?
f(6)=22
.22 as a percent
22%
Tax that is taken from payroll, covers social security and medicare
FICA Tax
Money that is received from working
Earned Income
In functions for every input there is _____ output
1
Boundary of all the inputs
Domain
33/100 as a decimal
.33
Tax on money earned from job, investment, gambling winnings, interest etc.
Income tax
Money received in ways other than working
Unearned Income
W-2/1099 forms show your _____ for the year
Income
Boundary of all the outputs
Range
What is bigger? 1/4 or 30%
30%
Tax on an item after purchasing
Sales Tax
Tax Rate in which the higher earners pay a higher percentage
Progressive Tax
W-4 forms are filled out by ____ and ____
You and Employer
15x+7 0<x<9
F(x)=
100 x>9
F(11)=?
F(11)=100
55% as a fraction
55/100, 11/20
Tax on land, or building that is owned by you
Property Tax
Tax Rate that all incomes pay the same percentage
Proportional Tax Rate
These lower your taxable income
Deductions
A parking garage charges $1.25 for the first hour. For the next 2 hours it is $4 per hour. It is $8 for any amount of time after 3 hours. What is the function?
1.25 0<x<1
F(x)= 4x 1<x<3
8 3<x
65% of 150
97.5
Tax on money that was left in your name after the passing of another
Inheritance Tax
System of tax rate where you pay different percent rates on different "pockets" of income
Marginal Tax Rate
The 3 levels of Income Tax
Federal, State, Local