1st Nine Weeks Test FCM

Each of these is a common payroll deduction EXCEPT…

• A. Office supplies and equipment
• B. Federal income taxes
• C. FICA
• D. Health insurance plan

Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?

• A. $206
• B. $254
• C. $300
• D. $394

Based on the image below, what is Bob's Net Worth?

• A. $199,500
• B. $122,500
• C. $77,000
• D. $322,000

Charlotte has been saving up to buy a home gym so she can work out at home without having to pay for a gym membership or worry about travel when the weather is bad (she lives in Minnesota where it snows frequently). One day, she sees an ad for a 15% off sale at a fitness equipment store and decides it’s a great time to buy the home gym! She notices the fine print says that to get the 15% off the home gym, she has to pay $139.95 up front for a 6-month subscription to a workout channel, which holds no value to her. A. Using function notation, write an expression for the final before-tax cost, f(x), of the purchase based on the initial price, x, of the home gym equipment with this deal.

Charlotte has been saving up to buy a home gym so she can work out at home without having to pay for a gym membership or worry about travel when the weather is bad (she lives in Minnesota where it snows frequently). One day, she sees an ad for a 15% off sale at a fitness equipment store and decides it’s a great time to buy the home gym! She notices the fine print says that to get the 15% off the home gym, she has to pay $139.95 up front for a 6-month subscription to a workout channel, which holds no value to her. B. She was considering purchasing the AwesomeFlex3000 for $889. Using your function from question 1, what would Charlotte be Charlotte’s before-tax cost with the deal? Is it worth it for her to pay for the subscription to get 15% off? Explain your answer.

Maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. Her W-2 states that $2,670 was withheld in federal tax. This means that Maricela…

• A Has to pay $177 in taxes owed
• B Will receive a refund of $177
• C Will pay $177 less in taxes next year since she overpaid this year
• D Should speak to her employer to get the $177 in extra taxes that they withheld

Which statement best describes the difference between being paid a wage versus being paid a salary?

• A. A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour
• B. A wage is paid based on how many hours you work, while a salary is a fixed amount paid regardless of the number of hours
• C. A wage is paid every two weeks, while a salary is paid monthly
• D. A wage is paid to part-time employees, while a salary is paid to full-time employees

Look at the Net Worth Statement, what is the value of Holden's investments?

• A.$1,550
• B. $20,350
• C. $7.350
• D. $14, 500

If John's gross monthly income is $3,500 and the federal tax rate is 20%, how much is his federal tax deduction?

• A. $600
• B. $700
• C. $800
• D. $1,000

Sarah's annual income is $45,000, and she falls into the 22% federal tax bracket. How much does she pay in federal income tax annually?

• A. $7,500
• B. $9,900
• C. $11,000
• D. $13,200