French Canadians number about 7.2 million or about 20.6% of the population of Canada. What is the population of Canada?
35.0 million
Person for whom the taxpayer furnished at least half of the support for the year
Dependent
Calculate the time worked: 8:00am - 12:05pm and 12:56pm - 4:59pm
8hr 8min
A dress is marked down from $40 to $32. What is the percent decrease in price?
20%
The junior class has a girl-to-boy ratio of 4 to 7. If 12 girls are in the class, how many boys are there?
21 boys
What two parts make up the FICA tax?
Medicare and Social Security
Todd Bradley has an unexpected medical emergency resulting in a $7865 charge not covered by his medical insurance. How many months would it take him to pay off the debt using this amount ($887)?
9 months
What is a graduated tax?
higher levels of taxable income pay a higher percentage rate of tax
Calculate the amount to budget for insurance: car $750 semiannually; life $45 per month
$2040
April loaned her friend $750 to buy a guitar. He agreed to pay back the money with 5% annual interest at the end of 6 mo. How much did her friend give her at the end of the year??
$787.50
A server, who earns $7.80 per hour, worked 39 hr last week and received $684 in tips
$988.20
A salesman, who earns a salary of $14,000 per year (paid monthly) and also gets 12% commission on sales up to $5000 per month and 15% for sales over $5000 per month, sold $42,000 worth of merchandise this month.
$7316.67
Calculate the amount to budget for vacation: $2500 for a trip to Florida
$2500
Calculate the amount to budget for savings: 3% of his disposable income ($40,408) plus $2000 for an IRA
$3212
Using the minimum-balance method, how much interest is earned for the month? Interest is 4.4%(12).
$2.14
What is a flat tax?
the same tax rate is used regardless of income level
How much is earned if 500 pieces are completed if the piecewise pay scale is as follows: $1/piece up to 300 pieces, $1.25/piece for the next 60 pieces; $1.40/piece in excess of 360 pieces
$571
Alaska and California each have 8 national parks. What percent of the 56 US national parks are located in Alaska?
14%
A factory worker, who earns $1.08 for each box of 12 glasses she packs, completed 441 boxes last week.
$476.28
Calculate the FICA tax withheld if the gross pay is $1040
$79.56
The Hess family decided to give $125 to a mission project. This is 20% of a Christmas bonus. How much was the bonus?
$625
When is a tax refund given?
When withholdings exceeded tax liability
About 74% of the 9.1 million people in Israel are Jewish. How many Jews live there?
6.7 million
Calculate the amount to budget for clothing: $800 for fall and $800 for spring; $70/year for miscellaneous items
$1670
Audrey Glaze's bank statement information: bank balance = $584.62, checking account interest = $0.74, service charge = $3.00. If her current checkbook register balance is $314.75, find her adjusted register balance
$312.49
In football, a first down requires advancing the ball 10 yards up the field. he Owls ran the ball for a gain of 8 yards, took a loss of 2 yards, and then gained 5 yards. Did they get a first down?
yes
Use the effective interest rate formula to compare 6.5%(12) and 6.6%(4)
6.6%(4) yields more interest
federal income tax withheld for a married person earning $6833 monthly (with four allowances)
$501.66
All the taxpayer's earned and unearned income
Total Income
Find the total tips for the week for the following waiter: $57.60, $75.60, $52.50, $25.86, $50.09, $58.03.
$319.68
federal income tax withheld for a single person earning $948 weekly
$95.08
Calculate the amount to budget for recreations: : baseball tickets ($35/seat) for four games for four people; family season pass to Kings Dominion $350; other events $500
$1410
Calculate the amount to budget for housing: $920 per month mortgage plus $700 per year for upkeep
$11,740
Find the amount in an account after 5 yr if $3000 is invested at 6% compounded annually.
$4014.68
Tax-free income based on a list of qualifying expenditures
Itemized Deductions
How do you choose between itemized and standard deductions?
choose the larger amount
Calculate the time worked: 8:15am - 11:50am and 12:45pm - 5:00pm
7hr 50 min
Calculate the time worked: 7:30am - 12:00pm and 1:04pm - 5:14pm
8hr 40 min
How do you calculate net pay?
Net Pay = Gross Pay - Withholdings
Do all states have the same enforcement of state income taxes?
no
Amount on which tax for the year is computed
Taxable Income
Tax-collecting agency that federal income tax returns are yearly filed with
Internal Revenue Service (IRS)
Calculate the time worked: 8am - 12:15pm and 1:05pm - 4:30pm
7 hr 40 min
Calculate the amount to budget for medical: : $85 monthly
$1020
Audrey Glaze has the following items outstanding: checks of $319.33, $71.03, $89.70 and $117.11 and deposits of $105 and $220.04. Find her adjusted bank balance if her current balance is at $584.62
$312.49
Adam Nevis had $147 in his checking account. He paid $136 with his debit card, deposited $29, and wrote a check for $48. How much does he have now?
-$8
What is the purpose of a W-2 form?
reports an employee's income and withholdings from the previous year
Calculate the amount to budget for food: $95 per week for groceries plus $100 per month to eat out
$6140
Find the interest earned after 16 yr if $10,000 is invested at 4.5% compounded annually.
$20,223.70
Based on the makeup of the taxpayer's household
Filing Status
What percent is FICA of your paycheck?
7.65%
Calculate the time worked: 7:45am - 12:35pm and 1:20pm - 5:10pm
8hr 40min
An employee worked 45 hr for the week. He earns $18 per hour and time and a half for overtime.
$855
Income before deductions
Adjusted Gross Income
A reduction in the tax liability
Tax Credit
Calculate the amount to budget for miscellaneous if disposable income is $40,408 and other expense categories equal $39,516
$892
Tax-free income based on taxpayer's filing status
Standard Deduction
When are tax returns due?
midnight of April 15
Calculate the amount to budget for transportation: car payment $325/mo; $1220 per year for gas, maintenance, and repairs
$5120
Tax due for the year
Tax Liability
Find the annual tithe for a person who is paid $4952 monthly
$5943
Todd Bradley has an unexpected medical emergency resulting in a $7865 charge not covered by his medical insurance. How much could he apply to this debt per month if he used all his recreation, savings, and vacation categories, as well as ha
$887
Jesse received $5000 from his grandmother when he turned 18. If he invests it at 5.5%(12), how much will he have in the account at the end of 4 yr?
$6227.25
Calculate the amount to budget for utilities: electricity $125/mo; water/sewer $164/quarter; cellphone $45/mo; internet and cable $89/mo
$3764
Calculate the amount to budget for debt reduction: $75 per month
$900
What is the purpose of a tax return?
to reconcile withholdings and tax liabilities
What is the purpose of a W-4 form?
tells an employer how much to withhold from an each paycheck an employee receives
Using the daily interest method, how much interest is earned on May 1 for the previous month? Interest is 4.4%(12).
$2.57
Why is it important to reconcile your bank statement and register each month?
So you know exactly how much money is currently in your account