Daily Math YOU SHOULD Know As a 12th Grader

Front

What are FICA taxes?

Back

FICA taxes are Social Security and Medicare taxes that are deducted from employees' paychecks to fund these federal programs.

Front

How do you convert the decimal 14.234 to a fraction?

Back

14.234 as a fraction is 14 and 117/500.

Front

What is a rebate?

Back

A rebate is a post-purchase check given back to the consumer, often as a part of a promotional offer.

Front

What is the freeway number for the Lodge freeway?

Back

The Lodge freeway is freeway number 10.

Front

What IRS form do employees fill out to inform employers about tax withholding?

Back

The IRS form is a W-4 form.

Front

What is the purpose of Social Security tax?

Back

The Social Security tax funds the Social Security program, which provides benefits to retirees, disabled individuals, and survivors.

Front

How do you express a decimal as a percentage?

Back

To express a decimal as a percentage, multiply it by 100 and add a percent sign. For example, 0.14234 = 14.234%.

Front

What is the difference between a W-2 and a W-4 form?

Back

A W-4 form is used to determine tax withholding, while a W-2 form reports an employee's annual wages and the taxes withheld.

Front

What does the term 'net income' refer to?

Back

Net income refers to the amount of money remaining after all expenses, taxes, and costs have been deducted from total revenue.

Front

What is the formula for calculating simple interest?

Back

The formula for calculating simple interest is I = PRT, where I is interest, P is principal, R is rate, and T is time.