Adv FA- Unit 3 Review

In 2010, Aaron started working as a software engineer with a taxable income of $150,000. The Medicare tax was 1.45% of all income and the Social Security tax rate was 6.2% of the maximum income of $106,800 that year. How much did Aaron pay in FICA taxes in 2010?

• $8,796.60

• $6,621.60

• $7,098.00

• $2,175.00

Tags

CCSS.7.RP.A.3

Veronica earns $0.60 for the first 120 craft kits that she assembles. She earns $0.80 for each kit over 120. This week she assembled 150 kits. How much did she earn?

• $84.00

• $90.00

• $96.00

• $108.00

Tags

CCSS.7.EE.B.3

A local magazine charges $20 for the first two pages of an advertisement, and then $10 for each additional page.

What is the cost of an advertisement that contains 5 pages?

Tags

CCSS.8.F.B.4

CCSS.HSF.LE.A.2

Minh works at a bakery where he is paid by the hour plus time and a half for his hours over 40. Last week, he worked 5 hours overtime, and his gross pay was $450. Around what amount is his hourly wage?

• $9.50

• $10.00

• $9.75

• $10.25

Tags

CCSS.HSA.CED.A.1

Karina is a saleswoman for a local Toyota dealership. She is paid a percent of the profit the dealership makes on each car. If the profit is under $700, the commission is 20%. If the profit is at least $700 but less than $900, the commission rate is 22.5% of the profit. If the profit is $900 or more, the rate is 25% of the profit.

Find the difference between the commission paid if Karina sells a car for a $850 profit and the commission paid if she sells a car for a $699 profit.

• $70.00

• $51.45

• $50.50

• $70.25

The tax equation for income over $151,200 but not over $230,450 is y = 29,211.50 + 0.28(x − 151,200). Simplify the equation and explain the numerical significance of the slope and the y-intercept.

• y = 0.28x - 13,124.50

• y = 0.28x - 42,393.60

• y = 0.28x - 15,336.00

• y = 0.28x - 23,045.00

Tags

CCSS.8.EE.B.6

CCSS.8.F.A.3

John and Mary Smith have a combined income of $120,000. They have 1099 forms which report $2,000 in interest. They also have $5,000 income from rental property. They can reduce their income by $4,000. What is their adjusted gross income?

• $123,000

• $130,000

• $118,000

• $125,000

Tags

CCSS.4.OA.A.3

Chris’s taxable income is $60,304. She is single. What is her tax?

• $11,438

• $8,246

• $11,425

• $10,114

Tags

CCSS.8.F.B.4

CCSS.HSF.IF.B.6

Adrian's taxable income is $60,940. He is married, filing separately. What is his tax?

• $11,575

• $8,336

• $11,588

• $10,294

Tags

CCSS.HSF.BF.A.2

John's W-2 reported total Medicare withholding based on wages of $200,000. He contributed $100 biweekly to his FSA and 15% of each paycheck to his retirement plan. He received a 1099 from his bank for interest and dividends of $3,000 and a 1099 form in the amount of $5,000 from a company for whom he did some freelance work. What is John's adjusted gross income?

Tags

CCSS.7.EE.A.1