1.0 Unit 1 Exam- Part 2

Last updated over 1 year ago

26 questions

Note from the author:

Instructions

5

15

10

3

Library

1.0 Unit 1 Exam- Part 2

Last updated over 1 year ago

26 questions

Note from the author:

Part 2: Math Skills Open Response

Instructions

Part 2: Math Skills Open Response

5

In preparation for moving into his first apartment after college, Winston goes on a shopping spree and spends $984 on furnishing, decorations, and other home goods. Sales tax in his area is 8.19%, and none of the items he buys are tax exempt. What will Winston’s total bill be at the cash register?_______  Round your answer to the nearest cent.  Screen Shot your Desmo Calculations

Farrah and her sister Karina split a paper route with Farrah working 3 out of the 7 days of the week. They split their wages with the same ratio. Farrah has been saving her money in a bank account every month to buy a new bike, and the account has a $5 per month fee.

3

2

5

15

Isaac would like to create a graph to represent his total payroll deductions per pay period for different gross pay amounts. He created the function f(x) = 0.16x + 140 to represent his situation.  Complete the table and graph in the drawing to represent his deductions function. You may enter the information into desmos and screen shot your graph there. Screen Shot your Desmo Calculations

Gross Pay    Total Deductions
x                     f(x)
1250             _______ 
1400             _______ 
1550             _______ 
1600             _______ 
2000             _______ 

10

The marginal tax rates for FICA are as follows: You pay 7.65% on your earnings up to $147,000. After that, you pay 1.45% on earnings greater than $147,000 up to $200,000. For earnings above $200,000, you pay 2.35%. Write an equation (in Piece wise function notation) for the marginal FICA tax rate as a function of earnings.

               _______%     _______ 
f(x)=       _______%     _______ 
               _______%     _______ 

3

Part 2: Math Skills Open Response

Part 2: Math Skills Open Response

In preparation for moving into his first apartment after college, Winston goes on a shopping spree and spends $984 on furnishing, decorations, and other home goods. Sales tax in his area is 8.19%, and none of the items he buys are tax exempt. What will Winston’s total bill be at the cash register?_______  Round your answer to the nearest cent.  Screen Shot your Desmo Calculations

Farrah and her sister Karina split a paper route with Farrah working 3 out of the 7 days of the week. They split their wages with the same ratio. Farrah has been saving her money in a bank account every month to buy a new bike, and the account has a $5 per month fee.

3

Write an equation to model Farrah’s account balance as a function of their joint paper route wages, x._______ 

2

If the paper route makes $280 per month, by how much does Farrah’s bank balance increase each month? _______ Round your answer to the nearest cent.  Screen Shot your Desmo Calculations

5

State the domain and range of the function shown below using inequality notation.
Domain: _______ Range: _______ 

Isaac would like to create a graph to represent his total payroll deductions per pay period for different gross pay amounts. He created the function f(x) = 0.16x + 140 to represent his situation.  Complete the table and graph in the drawing to represent his deductions function. You may enter the information into desmos and screen shot your graph there. Screen Shot your Desmo Calculations

Gross Pay    Total Deductions
x                     f(x)
1250             _______ 
1400             _______ 
1550             _______ 
1600             _______ 
2000             _______ 

The marginal tax rates for FICA are as follows: You pay 7.65% on your earnings up to $147,000. After that, you pay 1.45% on earnings greater than $147,000 up to $200,000. For earnings above $200,000, you pay 2.35%. Write an equation (in Piece wise function notation) for the marginal FICA tax rate as a function of earnings.

               _______%     _______ 
f(x)=       _______%     _______ 
               _______%     _______ 

Each of these is a common payroll deduction EXCEPT…

FICA

Health insurance plan

Federal income taxes

Office supplies and equipment

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

a

b

c

d

Which expenditures make up the greatest share of state spending?

Education and health care

Transportation and corrections

Environmental programs and parks

Low-income assistance and pensions

Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

He can take the $5,500 and the $7,000 for $12,500 in deductions

He can take the $7,000 and the $12,950 for $19,950 in deductions

He can take all three for $25,450 in deductions

He can take the $5,500 and the $12,950 for $18,450 in deductions

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…

Has to pay $177 in taxes owed

Will receive a refund of $177

Should speak to her employer to get the $177 in extra taxes that they withheld

Will pay $177 less in taxes next year since she overpaid this year

Which statement best describes the difference between being paid a wage versus being paid a salary?
1. A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour
2. 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
3. A wage is paid every two weeks, while a salary is paid monthly
4. A wage is paid to part-time employees, while a salary is paid to full-time employees

A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

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

A wage is paid every two weeks, while a salary is paid monthly

A wage is paid to part-time employees, while a salary is paid to full-time employees

Who should consider completing a W-4 form?

Denise, who doesn’t like her company’s health insurance plan options

Carter, who is considering a career change and wants to update his resume

Aaliyah, who wants to enroll in her company’s 401(k) program for the first time

Bruno, who just adopted a baby and wants to adjust his tax withholdings

Which of the following is true about state taxes?
1. The federal government determines state tax rates
2. States can levy property taxes and sales taxes, but not income taxes
3. Sales tax rates are the same in all states, but income tax rates are different
4. The largest state programs funded by state taxes are education and healthcare

Sales tax rates are the same in all states, but income tax rates are different

The federal government determines state tax rates

States can levy property taxes and sales taxes, but not income taxes

The largest state programs funded by state taxes are education and healthcare

Payroll taxes are different from income taxes in all of the following ways, EXCEPT…

Payroll tax rates scale upward with income, while income taxes are a flat rate across all earning levels

Payroll taxes are based on your wages and salary, while income taxes are based on all your forms of income

Payroll taxes fund the Social Security and Medicare programs, while income taxes fund government programs more broadly

Payroll taxes are regressive, while income taxes are progressive

The graph shows a hypothetical tax rate as a function of income. Which of the following statements about the graph is true?

The tax collects the same dollar amount from all earners

The tax is progressive

The tax is regressive

The tax is proportional

All of the following are reasons that you might receive a 1099 statement EXCEPT…

Earning interest or dividends on investments

Working as a full-time employee for a business

Working as an independent contractor

Receiving unemployment benefits

What statement is true about standard and itemized personal deductions?

The standard deduction is always more than itemized personal deductions

The standard deduction is refundable but itemized personal deductions are not

You can take either the standard or itemized personal deductions, but not both

Itemized personal deductions are always more than the standard deduction

Georgia completed her taxes and found that she owes $1,941 in federal taxes. If her taxable income for the year was $16,175, what is her effective tax rate?

10%

12%

18%

22%

Jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. What is true about Jorge’s marginal and effective tax brackets?

His marginal tax bracket is 22%, and his effective tax bracket is less than 22%

His marginal tax bracket is less than 22%, and his effective tax bracket is 22%

His marginal tax bracket and his effective tax bracket are both less than 22%

His marginal tax bracket and his effective tax bracket are both 22%

James received his W-2. How much did he pay in federal and FICA taxes combined?

$1,576.20

$2,861.30

$4,437.50

$4,962.93

Given that f(x) = -4x + 7, which of the following ordered pairs represents f(2)?

(2, 1)

(2, 6.50)

(2, -1)

(2, -1.25)

Which answer below represents the largest rational number?

24 cents of every state tax dollar go toward funding K-12 education

One third of community members support raising the property tax

10% of taxpayers file for an extension each year

389 high school sophomores, in a class of 910, paid payroll taxes in the last year

Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Write an equation that represents Tamara’s net pay, where x represents her gross pay per pay period.

f(x) = 0.89x + 200

f(x) = 0.11x + 200

f(x) = 0.89x - 200

f(x) = 0.11x - 200

Gertrude sells cabbages at the farmers market. It costs $50 for her to enter the market and set up her booth, and she makes $5 per cabbage that she sells. She can model her profits with the function p(c) = 5c -50 where c is the number of cabbages sold. If she brings 100 cabbages to the farmers market, which correctly expresses the domain and range for this function?

Domain: 0 ≤ c ≤ 100
Range: -50 ≤ p(c) ≤ 450

Domain: 0 ≤ c ≤ 50
Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 100
Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 50
Range: -50 ≤ p(c) ≤ 450

The graph shows a hypothetical tax rate as a function of income. Which equation matches the graph?

Write an equation to model Farrah’s account balance as a function of their joint paper route wages, x._______ 

If the paper route makes $280 per month, by how much does Farrah’s bank balance increase each month? _______ Round your answer to the nearest cent.  Screen Shot your Desmo Calculations

State the domain and range of the function shown below using inequality notation.
Domain: _______ Range: _______ 

Each of these is a common payroll deduction EXCEPT…

FICA

Health insurance plan

Federal income taxes

Office supplies and equipment

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

a

b

c

d

Which expenditures make up the greatest share of state spending?

Education and health care

Transportation and corrections

Environmental programs and parks

Low-income assistance and pensions

Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

He can take the $5,500 and the $7,000 for $12,500 in deductions

He can take the $7,000 and the $12,950 for $19,950 in deductions

He can take all three for $25,450 in deductions

He can take the $5,500 and the $12,950 for $18,450 in deductions

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…

Has to pay $177 in taxes owed

Will receive a refund of $177

Should speak to her employer to get the $177 in extra taxes that they withheld

Will pay $177 less in taxes next year since she overpaid this year

Which statement best describes the difference between being paid a wage versus being paid a salary?
 A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour
 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
 A wage is paid every two weeks, while a salary is paid monthly
 A wage is paid to part-time employees, while a salary is paid to full-time employees

A wage is an hourly rate below $20 per hour, while a salary is an hourly rate above $20 per hour

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

A wage is paid every two weeks, while a salary is paid monthly

A wage is paid to part-time employees, while a salary is paid to full-time employees

Who should consider completing a W-4 form?

Denise, who doesn’t like her company’s health insurance plan options

Carter, who is considering a career change and wants to update his resume

Aaliyah, who wants to enroll in her company’s 401(k) program for the first time

Bruno, who just adopted a baby and wants to adjust his tax withholdings

Which of the following is true about state taxes?
 The federal government determines state tax rates
 States can levy property taxes and sales taxes, but not income taxes
 Sales tax rates are the same in all states, but income tax rates are different
 The largest state programs funded by state taxes are education and healthcare

Sales tax rates are the same in all states, but income tax rates are different

The federal government determines state tax rates

States can levy property taxes and sales taxes, but not income taxes

The largest state programs funded by state taxes are education and healthcare

Payroll taxes are different from income taxes in all of the following ways, EXCEPT…

Payroll tax rates scale upward with income, while income taxes are a flat rate across all earning levels

Payroll taxes are based on your wages and salary, while income taxes are based on all your forms of income

Payroll taxes fund the Social Security and Medicare programs, while income taxes fund government programs more broadly

Payroll taxes are regressive, while income taxes are progressive

The graph shows a hypothetical tax rate as a function of income. Which of the following statements about the graph is true?

The tax collects the same dollar amount from all earners

The tax is progressive

The tax is regressive

The tax is proportional

All of the following are reasons that you might receive a 1099 statement EXCEPT…

Earning interest or dividends on investments

Working as a full-time employee for a business

Working as an independent contractor

Receiving unemployment benefits

What statement is true about standard and itemized personal deductions?

The standard deduction is always more than itemized personal deductions

The standard deduction is refundable but itemized personal deductions are not

You can take either the standard or itemized personal deductions, but not both

Itemized personal deductions are always more than the standard deduction

Georgia completed her taxes and found that she owes $1,941 in federal taxes.  If her taxable income for the year was $16,175, what is her effective tax rate?

10%

12%

18%

22%

Jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. What is true about Jorge’s marginal and effective tax brackets?

His marginal tax bracket is 22%, and his effective tax bracket is less than 22%

His marginal tax bracket is less than 22%, and his effective tax bracket is 22%

His marginal tax bracket and his effective tax bracket are both less than 22%

His marginal tax bracket and his effective tax bracket are both 22%

James received his W-2.  How much did he pay in federal and FICA taxes combined?

$1,576.20

$2,861.30

$4,437.50

$4,962.93

Given that f(x) = -4x + 7, which of the following ordered pairs represents f(2)?

(2, 1)

(2, 6.50)

(2, -1)

(2, -1.25)

Which answer below represents the largest rational number?

24 cents of every state tax dollar go toward funding K-12 education

One third of community members support raising the property tax

10% of taxpayers file for an extension each year

389 high school sophomores, in a class of 910, paid payroll taxes in the last year

Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Write an equation that represents Tamara’s net pay, where x represents her gross pay per pay period.

f(x) = 0.89x + 200

f(x) = 0.11x + 200

f(x) = 0.89x - 200

f(x) = 0.11x - 200

Gertrude sells cabbages at the farmers market. It costs $50 for her to enter the market and set up her booth, and she makes $5 per cabbage that she sells. She can model her profits with the function p(c) = 5c -50 where c is the number of cabbages sold. If she brings 100 cabbages to the farmers market, which correctly expresses the domain and range for this function?

Domain: 0 ≤ c ≤ 100
Range: -50 ≤ p(c) ≤ 450

Domain: 0 ≤ c ≤ 50
Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 100
Range: 0 ≤ p(c) ≤ 500

Domain: 0 ≤ c ≤ 50
Range: -50 ≤ p(c) ≤ 450

The graph shows a hypothetical tax rate as a function of income. Which equation matches the graph?

1.0 Unit 1 Exam- Part 2

1.0 Unit 1 Exam- Part 2

Each of these is a common payroll deduction EXCEPT…

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. $206b. $254c. $300d. $394

Which expenditures make up the greatest share of state spending?

Lamar made $92,000 as a data analyst his first year out of college. He calculated his above-the-line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. What deductions is Lamar allowed to take that will minimize his taxes owed?

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…

Who should consider completing a W-4 form?

Payroll taxes are different from income taxes in all of the following ways, EXCEPT…

The graph shows a hypothetical tax rate as a function of income. Which of the following statements about the graph is true?

All of the following are reasons that you might receive a 1099 statement EXCEPT…

What statement is true about standard and itemized personal deductions?

Georgia completed her taxes and found that she owes $1,941 in federal taxes. If her taxable income for the year was $16,175, what is her effective tax rate?

Jorge made $85,000 last year as a junior consultant for a prestigious law firm placing him in the 22% tax bracket. What is true about Jorge’s marginal and effective tax brackets?

James received his W-2. How much did he pay in federal and FICA taxes combined?

Given that f(x) = -4x + 7, which of the following ordered pairs represents f(2)?

Which answer below represents the largest rational number?

Every pay period, Tamara pays 11% of her gross pay in taxes and an additional $200 in voluntary retirement deductions. Write an equation that represents Tamara’s net pay, where x represents her gross pay per pay period.

The graph shows a hypothetical tax rate as a function of income. Which equation matches the graph?

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