Fractions and Tax Dollars
Convert the following scenario into a fraction, decimal, and then percent:
$6 of Michael's $74 receipt was for sales tax. Round to the nearest hundredth
6/74; .08; 8.11%
What is the difference between salary work and wage work?
Salary is set for the whole year, usually doesn't change. Wage work depends on hours worked
Write a function, f, which operates on the variable x by adding 2, and then doubling that quantity
f(x) = 2(x+2)
State whether the following is an example of a payroll tax or an income tax:
This tax goes into the general fund of the U.S treasury, so it is used to fund many different government programs
Income
Determine if the following is an example of earned or unearned income:
Money from selling your stocks for profit (capital gains)
Unearned
You're given the rational number 46/224. You can choose to ADD 10 to the numerator or ADD 10 to the denominator. Which option gives you the larger number?
ADD to the numerator; .25
Which deductions does everyone see on their paychecks?
Federal Income, FICA, State/local taxes
Given that f(x) = 7x - 6, what is the value of f(5)? State your answer as an ordered pair
(5,29)
What programs are usually funded by property taxes?
Schools, libraries, parks, police, fire department
How does a tax credit affect the amount you owe in taxes?
It reduces your tax bill
Dynasti makes an annual salary of $114,800. How much is she going to pay in Social Security taxes if the tax rate is 6.2%?
$7,117.60
What are examples of VOLUNTARY deductions from your paycheck?
Retirement + health insurance
Taylor makes $13 per hour at the grocery store. She works anywhere from 10-15 hours per week. Her gross wages can be represented with the function w(h) = 13h. What is the domain AND range of this function?
Domain: 10<x<15
Range: $130<y<$195
What type of tax system does the U.S government have: progressive, regressive, or proportional
Progressive
What was the standard deduction for a person filing single in 2024?
$14,600
Samantha works part time at the movie theater making $14.25 an hour. In one pay period, she works 24 hours. If she gets 7.65% taken out of her pay for taxes, how much is her NET pay?
$315.84
You made $1,265.00 in gross pay this pay period. Your net pay was $963.50. What percentage of your gross pay was withheld from your paycheck for taxes and voluntary deductions? Round to the nearest whole percentage.
24%
Connor is saving up to buy a new car. He see's a deal that he can get 8% off the price of the new car but he has to buy a warranty plan up front for $135.95. Write an expression of the final before tax cost of the car, x, with the discount and the warranty price.
f(x) = .92x + 135.95
Are property taxes set by the local, federal, or state government?
Local
Kennedy has a gross income of $105,000 and takes the standard deduction and files as a single. What is her total taxes due?
$14,941
Brennnan is buying a new Blackstone grill at his local hardware store in DE. The price of the grill is $439.00. He must pay a sales tax of 4.225%, a county tax of 1.25%, a City tax of 3.25%, and a special tax of .125%. How much is his total bill going to be?
$477.85
A W-4 is…
A form you fill out so that your employer can calculate how much to withhold in taxes from your paycheck
Antonio is trying to purchase a used car that he has been saving up for. When he gets to the dealership, the car salesperson tells him that there are two deals they have going on that he can choose between. One is a $275 rebate taken off the price of the vehicle (r(x)), or 2.75% off the listed price (p(x)). If the price of the car is $25,450 and he is getting both deals, what is p(r(x))?
$23,510.19
Explain what a proportional tax rate system is
Everyone pays the same tax rate, regardless of income
Bella has a gross income of $120,000. What are her total taxes due as well as her effective tax rate?
$18,338.50 and 17.4%