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mathematics
financial algebra advanced algebra
Financial Algebra Advanced Algebra With Financial Applications 2nd Edition Robert Gerver, Richard J. Sgroi - Solutions
Determine the tax for each filing status and taxable income amount listed using the tax tables in the Appendix, or using the current tables at www.irs.gov, depending on what your teacher requires.a. Single $97,642b. Head of household $95,100c. Married filing jointly $99,999d. Married filing
Given a taxable income amount, express the tax table line that would be used in compound inequality notation.a. i = $60,124b. i = $57,333 If line 43 (taxable Income) Is- At least But less than And you are - Single Married Married Head filling filling of a Jointly sepa- Irately Your tax
Leslie works for Blanck Corporation. His annual salary is $57,285.50.a. What is Leslie’s annual Social Security deduction?b. What is Leslie’s annual Medicare deduction?c. Leslie is paid every other week. What is his biweekly gross pay?d. Each pay period, Leslie’s employer deducts $418.63 for
Ralph is a teacher who works as a musician on weekends. Here is part of his tax worksheet: wages from teaching $43,871.82, wages from music jobs $15,873.00, interest $863.90, dividends $350.70, and royalties $1,200.60. What is Ralph’s total income?
Use Schedule Y-1 to answer the questions below.a. What is the tax for taxpayers filing jointly with a combined taxable income of $134,786?b. A married couple’s tax is approximately $30,000. What is their approximate taxable income? Schedule Y-1-If your filing status is Married filing jointly or
Given the taxable income amount, express the tax table line that would be used in interval notation.a. i = $57,555b. i = $63,411c. i = $60,002d. i = $63,301 If line 43 (taxable Income) Is- At least But less than And you are - Single Married Married Head of a filling filling Jointly
Use the partial information given in Leslie’s electronic W-2 form (see question 3) to calculate the amount in Box 1. 1545-0008 Safe, accurate, FAST! Use 1 Wages, tips, other compensation 3 Social security wages 5 Medicare wages and tips $73,094.00 7 Social security tips 9 Advance EIC payment 11
Kate is filling out her income tax return. Her tax for last year is $973. Her employer withheld $712 in federal taxes.a. Does Kate get a refund or does she owe the government money?b. What is the difference between Kate’s tax and the amount withheld by her employer?
Let x represent the taxpayer’s taxable income and y represent the tax. Express the line of the Schedule D worksheet below as a linear equation in y = mx + b form. Use interval notation to define the income range on which each of your equations is defined. Section D-Use if your filing status is
Given the filing status and the tax, identify the taxable income interval that was used to determine the tax.a. Head of household $9,404b. Single $11,775c. Single $10,975d. Married filing jointly $7,699e. Married filing separately $10,200 If line 43 (taxable Income) Is- At least But less than And
Mr. and Mrs. Delta are filing a joint tax return. Together they had an income of $100,830 last year. Their total deductions were $16,848.a. What was Mr. and Mrs. Delta’s taxable income?b. What is the tax on the amount in part a?c. The Deltas received combined education and child tax credits of
Calculate the tax for each taxable income of a head of household.a. $400,000b. $10,954c. $108,962d. $209,850 Schedule Z-If your filing status is Head of household If your taxable income is: Over- $0 13,150 50,200 129,600 209,850 411,500 439,000 But
Use the 2012 Schedule Y-1 for a married taxpayer filing jointly. Write the piecewise function for the tax intervals. 2012 Tax Rate Schedule Schedule Y-1-If your filing status is Married filling jointly or qualifying widow(er) The tax is: If your taxable income
Katrina is single with a taxable income for last year of $74,431. Her employer withheld $14,870 in federal taxes.a. Use the tax table from Example 2 earlier in this lesson to determine Katrina’s tax.b. Does Katrina get a refund?c. Find the difference between Katrina’s tax and the amount
For what taxable income would a taxpayer have to pay $26,277.50 in taxes? Explain your reasoning. Schedule Z-If your filing status is Head of household If your taxable income is: Over- $0 13,150 50,200 129,600 209,850 411,500 439,000 But not over- $13,150 50,200 129,600 209,850 411,500 439,000 The
Andres is taxed at a 17% tax rate for his federal taxes. Last year, he reduced his taxable income by contributing $350 per biweekly paycheck to his tax-deferred retirement account and $50 per biweekly paycheck to his FSA. How much did he reduce his annual federal taxes by if his gross biweekly pay
Use Tax Schedule Y-1 from Example 1 and Exercises 5 and 6. Select any income. Write an equation for that income for the three different years.Data From Exercise 6Use the 2012 Schedule Y-1 for a married taxpayer filing jointly. Write the piecewise function for the tax intervals. 2012 Tax Rate
Donald and Barbara Mims are married with one child,Ashley. Donald is a piano tuner and Barbara is a car detailer. Donald’s W-2 is shown and Barbara’s W-2 provided her wages as $49,800 and the amount withheld for federal income tax as $8,123. They received $556 in bank interest and $412 in stock
Oscar is single with a taxable income for last year of $74,555. His employer withheld $16,381 in federal taxes.a. Use the tax table from Example 2 earlier in this lesson to determine Oscar’s tax.b. Does Oscar get a refund?c. Find the difference between Oscar’s tax and the amount withheld by his
Ann’s W-2 form reported total Medicare wages as $88,340. She contributed $50 per weekly paycheck to her FSA and $90 per weekly paycheck to her retirement plan. She received a 1099 form from her bank for her savings account interest in the amount of $800 and a 1099 form from a book publisher for
Examine this portion of a taxpayer’s W-2 form. Assume that the taxpayer’s wages for the year are under the Social Security limit. What entry should be in Box 1? 1545-0008 Safe, accurate, FAST! Use 1 Wages, tips, other compensation 3 Social security wages 5 Medicare wages and tips 7 Social
Jordan and Julianne Marra both work.Julianne is a part-time environmental lawyer whose W-2 provided the following information.Wages, tips, other compensation: $51,122.00Social Security wages: $51,122.00Medicare wages: $51,122.00Federal income tax withheld: $5,004.00State income tax withheld:
Mike pays $8,000 in property taxes, but receives a 28% tax deduction for it. What is Mike’s net expense for property taxes?
Maureen’s taxable income, t, is between $129,600 and $209,850. Write an algebraic expression that represents her tax. Schedule Z-If your filing status is Head of household If your taxable income is: Over- $0 13,150 50,200 129,600 209,850 411,500 439,000 But
Determine the correct entry for Box 4. Safe, accurate, 1545-0008 FAST! Use 1 Wages, tips, other compensation 3 Social security wages 5 Medicare wages and tips 7 Social security tips 9 Advance EIC payment Visit the IRS website at www.irs.gov/efile. 2 Federal income tax withheld e fille 4 Social
Katie and Ken are married with three children. The following information was reported on their W-2 forms. They also received $924.78 in interest on bank deposits and $1,011 in stock dividends. Fill out Form 1040A for Katie and Ken. Federal income tax withheld Wages Katie Ken $9,800 $11,500 $49,000
Determine the correct entry for Box 1 assuming that the taxpayer pays 33% of his total income in federal taxes. 1545-0008 Safe, accurate, FAST! Use 1 Wages, tips, other compensation 3 Social security wages 5 Medicare wages and tips 7 Social security tips e file 9 Advance EIC payment Visit the IRS
Examine Schedule Y-2. Let x represent the taxable income and y represent the tax.a. What is the calculator keystroke sequence for an equation that models the tax on the interval over 37,450 but not over 75,600?b. What is the calculator keystroke sequence for an equation that models the tax on the
Let x represent a head-of-household taxpayer’s taxable income that is over $439,000. Write an expression for this taxpayer’s tax in terms of x.
Martina is taxed at a rate of 25% for her federal taxes. Last year, she reduced her taxable income by contributing to a flexible savings plan in the amount of $2,700. If her wages before the deduction were $68,000, how much did she save in federal taxes by using the FSA?
Use the graph of a piecewise function with three equations.a. A taxpayer has a taxable income of $39,800. What is her tax?b. A taxpayer will owe $21,197. What is his taxable income?c. What is the approximate tax for an income of $30,000?d. What is the approximate tax for an income of $99,000?e.
Let w represent the tax for any taxable income t on the interval 411,500 < t ≤ 439,000.a. Calculate the lowest tax on this interval.b. Calculate the highest tax on this interval.c. Given the interval, 41,500 < t ≤ 439,000, express the tax in terms of t.
Laurel’s W-2 form reported total Medicare wages as $100,750. She contributed $30 per weekly paycheck to her FSA and $75 per weekly paycheck to her retirement plan. She received a 1099 form from her bank for her savings account interest in the amount of $690 and a 1099 form from an employer that
Many people claim that once they are married, they pay more taxes than they did before they were married. Many call this a marriage penalty. Suppose that Leni and Thom are lawyers and each has a taxable income of $230,000. They can’t decide if they should be married in December or in January. If
Is there a difference in the tax in Exercises 14 and 15? If so, how much and which method favors the taxpayer?Data From Exercise 14Calculate the tax using the computation worksheet for a head-of-household taxpayer with a taxable income of $115,700.
Charles Friend is an accountant and his wife, Monica, is a cook. They have four children. They also take care of Monica’s mother, who lives with them. They had bank interest of $500 from Chase Bank and dividends of $304 from GM stock. Use those amounts and their W-2 forms shown to complete a
Use the tax table below to calculate the tax of a head-of-household taxpayer a with a taxable income of $27,811. If line 43 (taxable Income) Is- At But least less than And you are Single Married Married filling filing Jointly sepa- Trately Your tax Is - 27,000 27,000 27,050 3,593 27,050 27,100
Is there a difference in the tax in Exercises 17 and 18? If so, how much and which method favors the taxpayer?Data From Exercise 17Use the tax table below to calculate the tax of a head-of-household taxpayer a with a taxable income of $27,811. If line 43 (taxable Income) Is- At But least
A spreadsheet has been started for the user to enter information in the cells noted below.a. Write a formula to calculate the speed of the car for the trip in cell C1.b. Write a formula to calculate the number of gallons of gas used in cell C2.c. Write a formula to calculate the total cost of gas
Interpret the quote in the context of your experiences with earning money.He that is of the opinion money will do everything may well be suspected of doing everything for money.
Interpret the quote in the context of what you learned about job-seeking.In today’s competitive job market, it’s important to realize that finding a job is in itself a full-time job.
How can the quote be interpreted in light of what you have learned about employment salaries and benefits?To find joy in work is to discover the fountain of youth.
How can the quote be interpreted in the context of what you have learned in this section about Social Security?A nation’s strength lies in the well-being of its people. The Social Security program plays an important part in providing for families, children, and older persons in the time of stress.
Interpret the quote in the context of what you’ve learned about jobs and salaries.Never confuse the size of your paycheck with the size of your talent.
Rock musician Donny West is paid 15% on his tour video online sales. Last year fans downloaded his songs 991,000 times, and he also sold 550,000 videos. The songs are downloaded for $1.09 each and the videos were downloaded for $9 each.a. What was the total monetary amount of song downloads?b. What
Danny just submitted his resumé in response to a job posting. The posting stated that the job pays $47K annually. What would Danny’s monthly salary be if he gets this job? Round to the nearest cent.
Yoko is paid semimonthly. How many fewer paychecks does she receive in a year compared to someone who is paid weekly?
Joan sells new cars at a local dealership. She receives a 25% commission on the profit each car is sold for. Last month she sold nine cars, for a total of $8,870 dealer profit. How much did she earn in commission?
Becky just got a new job as an account executive. Human resources said the job pays 64.5K. What will Becky’s weekly salary be to the nearest cent?
Sean is paid biweekly. His annual salary is $42,500. What is his biweekly salary to the nearest cent?
Janelle works at Heedle’s Computer Outlet. She receives a weekly salary of $200 plus 3% commission on her sales. Last week, she sold $29,700 of computer equipment. How much did Janelle earn last week?
Melanie got a new employer-paid job through the Jones Recruitment Agency. The job pays $52,400 per year, and the agency fee is equal to 25% of 1 year’s pay. How much must Melanie’s employer pay the agency?
When Luis started his current job, his employer told him that he would receive 2 vacation days for each full year he worked. Let x represent the number of years he has worked for the company and y represent the number of paid vacation days he earned.a. Write an equation that models the relationship
Cynthia’s semimonthly salary is $1,371.50. What is her annual salary?
Baseball player Alex Rodriguez earned $20,000,000 in 2016. He played in 65 games. What was his salary per game to the nearest thousand dollars?
Ceil gets paid biweekly. Her biweekly salary is $1,763.28. What is her annual salary?
Professional baseball player Rusty Raspberry earns $1,715,000 a year playing baseball. Last year, an auto biography that he had written sold 300,000 copies at a price of $24 each. Raspberry received 10% in royalties on the book sales. What was his total salary last year from the book and his
Ruth contributes 18% of the total cost of her individual health care. This is a $67.50 deduction from each of her biweekly paychecks. What is the total value of her individual coverage for the year?
Maram is a real estate agent. She earns 6.5% commission on each sale she makes. Last month she sold one house for $250,000 and another for $310,000. What did Maram earn in commissions for the month?
An author writes a computer self-help manual that sells for x dollars each. He received a bonus of $1,000 to sign with his publisher, and he receives 10% commission on each book sale. Express the total amount of income he earns from selling y books algebraically.
Roger is a graphic artist, so his resumé is several pages long and includes an artistic portfolio. His prospective employers want hard copies of his resumé, so he wants to have 400 copies of his resumé printed. His local print shop charges $91.50 for the first 200 copies and $420 for every 100
At Richardson Manufacturing Company, there are two factors that determine the cost of health care. If an employee makes less than $55,000 per year, he pays $60 per month for individual coverage and $115 per month for family coverage. If an employee makes at least $55,000 per year, individual
Glen has a job selling magazine subscriptions by phone. He makes a base salary of $12.60 per hour plus 5% commission on all sales. Last week, Glen worked 35 hours and sold $230 worth of subscriptions. What was his gross pay for the week?
In 2011, the Social Security tax rate was lowered to 4.2% to help stimulate the economy. The government figured that if people paid less taxes they would have more money to buy goods and services. How much did a worker who earned $128,900 in 2011 save on FICA taxes with this reduction? Social Year
Jim received a total piecework paycheck of $291.81. He receives 71 cents per unit produced. How many units did he produce?
In 2007, Jessica earned p dollars, where p. 100,000. She was paid monthly. Express the amount her employer contributed to her Social Security tax in February algebraically. Social Year Security (%) 1978 1980 6.05% 6.13% 1982 6.7% 1984 6.7% 1986 7.15% 1988 7.51% 1990 7.65% Maximum Taxable Income
Hillside Travel pays its employees $16 per hour plus 8% commission on all trips booked. Tyrus worked 20 hours last week and booked trips amounting to $2,100. What was his gross pay for last week?
Justin is a golf pro. He works 8 months per year, and is paid $76,000. During the winter months, he teaches golf privately and earns another $12,500. What is his average monthly salary based on his total yearly earnings?
Silvan picks berries at Seymour’s Berry Farm. He receives 58 cents for each small basket picked. Last weekend, he was able to pick 731 baskets. How much did he earn?
In 1995, Eve earned d dollars, where d < 50,000. Express the amount she paid to Social Security and Medicare as a function of d. Social Year Security (%) 1978 6.05% 1980 6.13% 1982 6.7% 1984 6.7% 1986 7.15% 1988 7.51% 1990 7.65% Maximum Taxable Income
Silvan picks berries at Seymour’s Berry Farm. He receives 58 cents for each small basket picked. Last weekend, he was able to pick 731 baskets. How much did he earn?
Jean’s Jeans pays its sales staff a commission of 4% of the first $1,000 in sales and 6% of the balance of sales, plus a weekly salary. If a salesperson sold x dollars of clothing and x . $1,000, express the commission earned algebraically.
Joanne is looking for a job as a mechanic and plans to distribute business cards at job fairs related to this industry. Her local printer charges $23 per 100 cards, and sells them only in sets of 100.a. How many cards must Joanne purchase if she needs approximately 150 cards?b. How much will the
Hector works in a gas station and earns $15.50 per hour. Last week he worked 29 hours. What was his gross pay?
Gabe contributes 15% of the total cost of the individual health care coverage his company offers. He pays $28.80 per week toward this contribution. What is the total value of Gabe’s health care coverage for the year?
Explain why the slope of the Social Security function, before it becomes horizontal, cannot equal 1.
Eddie works at Beep-N-Kleen car wash. He earns $15 per hour. Last week he worked x hours at this rate. Express his gross pay algebraically.
Bill works for the Stuff-It Mailing Service. He receives 25 cents for each document he puts together and prepares for mailing. Last week, Bill prepared 2,000 documents for mailing for a local politician. He received a check with gross pay of $474 and is certain the amount is incorrect.a. What is
A politician is considering removing the maximum taxable income and having all income subject to Social Security tax. Why might this be unfair to very affluent people?
Lynn regularly works a 40-hour week and earns $16 per hour. She receives time-and-a-half pay for each hour of overtime she works. Last week she worked 43 hours.a. What was her regular gross pay?b. What was her hourly overtime rate?c. What was her overtime pay?d. What was her total pay for the week?
Margit works in a factory. She receives a salary of $12 per hour and piecework pay of 12 cents per unit produced. Last week she worked 38 hours and produced 755 units.a. What was her piecework pay?b. What was her total hourly pay for the week?c. What was her total pay for the week?d. What would her
Find the Social Security and Medicare tax rates for the current year. Also find the maximum taxable income for the Social Security tax. Use the information to graph this year’s Social Security tax function. Social Year Security (%) 1991 6.2% 1992 6.2% 1993 6.2% 1994 6.2% 1995 6.2% 1996 6.2% 1997
In Don’s state, unemployment compensation is calculated by finding the total of the quarterly wages of two consecutive quarters and dividing that amount by 26. The weekly unemployment amount is 47% of that figure. In the quarter consisting of January, February, and March, Don made a total of
A politician is listening to a proposal for a new Social Security tax plan. The graph is shown. The two parts of the graph are disconnected where x = 145,000. Explain why this would be an unfair Social Security tax function. Social Security Tax ($) 11,000 9,000 145,000 Income ($)
Amy regularly works 20 hours per week at Pook’s Dry Cleaners from Monday through Friday. She earns $15.50 per hour and receives double-time pay for working Sundays. Next week she will work her regular 20 weekday hours, and an additional 8 hours on Sunday. What will her total pay be for the week?
Tom earns $15.50 per hour at the Yankee Bowling Alley. He regularly works 40 hours per week. He is paid time-and-a-half for each hour of overtime work. Last week he worked 42 hours. What was his gross pay for the week?
Danielle works in a designer dress factory. She is paid $156 for each dress she sews. Last month she sewed 30 dresses. What was her total pay for the month?
In a year when the maximum income for Social Security was $118,500, Bart worked at two jobs. In one job he earned $99,112. In his second job, he earned $56,222. Both of his employers took out Social Security tax. As a result, Bart had paid excess Social Security tax, and the government must return
The FICA and Medicare percentages for the years 1980, 1990, 2000, and 2010 are shown in the table. Note that in 1980 and 1990, the Social Security percent included the Medicare payments.a. Calculate the Social Security and Medicare taxes for those years for someone who earned more than the maximum
Pedro works 35 regular hours per week at the Meadow Deli. His hours over 35 are considered overtime. He earns $15 per hour and receives time-and-a-half pay for each hour of overtime he works. Last week he worked 41 hours and received a gross pay of $305.80. This amount is incorrect. How much does
Last week Eric received a total piecework paycheck of $252.48. He receives 12 cents per unit produced. How many units did he produce?
Colby and Cheryl work in different local factories. Colby regularly earns $18 per hour, and he is paid time-and-a-half for each hour of overtime he works. Cheryl regularly earns $16.60 per hour, and she is paid double time for an hour of overtime. Who earns more for one hour of overtime? How much
Arielle receives a piecework rate of 10 cents per unit from the Wiggy Factory. Her production for last week was affected by a machinery breakdown on Tuesday. Her production results were: Monday, 375 units; Tuesday, 22 units;Wednesday, 410 units; Thursday, 390 units; and Friday, 390 units.a. What is
Ron earns x dollars per hour. He regularly works 40 hours per week. Express his annual salary algebraically.
Michael earns $21 per hour and works 40 hours per week. How many overtime hours would he have to work in a week for his time-and-a-half overtime pay to be greater than his regular gross pay?
Linda is a salesperson for Spooner’s Cleaning Service, which cleans office buildings. She receives a 14% commission for every office that signs a contract for the cleaning services. Last week she received $1,233.60 in commissions. What was the total value of the cleaning contracts she sold,
Jim worked 40 regular hours last week, plus 8 overtime hours at the time-and a-half rate. His gross pay was $884.a. What was his hourly rate?b. What was his hourly overtime rate?
Julianne works as a waitress. She earns $13 per hour plus tips.a. Today she worked x hours. Express her pay for these hours algebraically.b. She served nine tables. The total bill for these nine tables was y dollars. Julianne received 18% in tips from these bills. Express the amount shereceived in
Julianne works as a waitress. She earns $13 per hour plus tips.a. Today she worked x hours. Express her pay for these hours algebraically.b. She served nine tables. The total bill for these nine tables was y dollars.Julianne received 18% in tips from these bills. Express the amount she received in
A car dealer pays d dollars for a car, which is sold for c dollars. The commission paid to the salesperson is 24% of the profit. Express the commission algebraically.
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