Financial Math review

Johnny makes $60,000 a year. He pays $15,000 in taxes, $5000 in retirement, and $5000 in everything else. He takes home $35,000. What is his gross pay?

• $5,000

• $35,000

• $15,000

• $60,000

Nov 25 and 26 (Sat and Sun) of this year is what?

• This weekend

• Next weekend

• Neither

Which account is AFTER tax (therefore no tax on withdraws)?

• ROTH

• IRA

• 401k

• HSA

When do you fill out a w-4?

• After you're hired but before you start working

• Before you are hired

• After you start working

• Only salaried workers fill out a w-4

Who pays for social security and medicare taxes?

• The employer and you

• The employer

• You

All 4 people below wish to save for retirement. Who will have the most money by age 65?

• Kid, who started at 18 and saved $50/month until age 65.

• Guy, who started at age 28 and saved $100/mon until age 65.

• Helena, who started at age 38 and saved $200/mon until age 65.

• Nancy, who started at age 48 and saved $500/mon until age 65.

Filling out a w-4 will affect your...

• Federal taxes

• Local taxes

• State taxes

• All of the above

Of the following students, who do I not have this school year?

• Hazel

• William

• Nhat

• Akiyah

• Rasandi

Of the past 25 years which cost has risen the greatest?

• College tuition

• home buying

• groceries

• cost to buy a car

• inflation

What does it mean when interest is compounded daily?

• The interest is calculated every business day for the entire year

• The interest is calculated 365 times per day

• The interest is calculated 365 times a year

• Not enough information