Personal Finances Answers

You plan on purchasing a car in the next year. The car that you are interested in lists for $23,000 after taxes, license, and doc fees. You currently have two-thirds of the vehicles value saved and you get paid $1,312.00 twice a month. Given that monthly expenses total $1,150.12, Social Security is 6.2% of your income, Medicare is 1.45% of your income, and you pay State and Federal taxes in the amount of $53.00 and $101.35, respectively, twice a month, determine in how many months you will have to save for so that you can purchase the car without financing. Round all your answers to the nearest cent. Round your answer to the nearest month. a. 7 months c. 8 months b. 6 months d. 9 months Please select the best answer from the choices provided

If you are paid $1,750 biweekly and Social Security is 6.2% of your income, then determine the amount of your Social Security deduction in each pay period. a.$108.50c.$100.32b.$110.25d.$105.80

Household Medical Entertainment Loans InsurancePersonal Misc. $670$125$25$35.32$210$75$60$45Totals:$795$25$35.32$210$75$60$45You recorded the actual expenses you incurred for a previous month in the above table. Determine your monthly budget based on the expenses shown.a.$1,065.23c.$1,200.32b.$1,140.23d.$1,245.32

There is a sale on computers at your local Comp2u. The gaming system that you are interested in has the latest Intel Quad core processor and duel NVIDIA GeForce 9800S graphics card. The sale price on the computer is $1,500.00 plus 5.1% sales tax. Your monthly gross salary is $2,500. How much will you have saved over a two month period and will you be able to afford the computer, given your monthly expenses total $1,250, Social Security is 6.2% of your biweekly income, Medicare is 1.45% of your biweekly income, and you pay State and Federal taxes in the amount of $45.00 and $89.51 biweekly respectively?a.$1,576.5; yesc.$1,579.44; yesb.$1,521.2; nod.$1,561.32; no

You are planning a trip to Spain in the summer of 2009. You estimate for an entire month in Spain, you will need $7,139.00 (This includes Airfare, room and board, daily expenses, and a Eurail Pass). You save for 7 months and your monthly gross salary is $2770.22. Given that Social Security is 6.2% of your semi-monthly income, Medicare is 1.45% of your semi-monthly income, your monthly expenses are $1,200, and you pay State and Federal taxes in the amount of $52.00 and $101.00 respectively semi-monthly, how much will you have saved up and will you have saved enough to visit Spain in August? Round all your answers to the nearest cent. a. $7,366.10; yes c. $6,281.22; no b. $7,465.32; yes d. $7,010.22; no Please select the best answer from the choices provided

You are starting a new job in sales for the company Buy ‘n Large. Your hourly wage is $10.00 per hour and you get time and a half for anything over 40 hours. Based on a 5-day work week, 8-hour day, and 52 week year, determine your annual gross base salary. a.$21,650c.$20,800b.$18,798d.$19,980

A deadline is approaching for a project at work and you are asked to put in more than the normal 40 hours of work for the first week of January to complete the project on time. Your hourly wage is $10.00 per hour and you get time and a half for anything over 40 hours. What was your pay for the first week of January, given that you worked 10 hours of overtime?a.$550c.$650b.$600d.$700

You are planning a trip to Disney World in Florida. You estimate for week at Disney World, you will need $1,600.00 (This includes Airfare, room and board, daily expenses, and travel). You save for 5 months and your monthly gross salary is $1,675.00. Given that Social Security is 6.2% of your biweekly income, Medicare is 1.45% of your biweekly income, your monthly expenses are $975.23, and you pay State and Federal taxes in the amount of $35.00 and $75.51 respectively biweekly, how much will you have saved up and will you have saved enough to visit Disney World in December? Round all your answers to the nearest cent.a.$1,508.25; noc.$1,753.05; yesb.$1,523.43; nod.$1,788.06; yes

Household Medical Entertainment Loans InsurancePersonal Misc. $1,250$231.10$85.55$62.35$326.12$93.21$250.12$78.31Totals:$1,481.10$85.55$62.35$326.12$93.21$250.12$78.31You recorded the actual expenses you incurred for a previous month in the above table. Determine your monthly budget based on the expenses given. a.$2,298.45c.$2,205.24b.$2,376.76d.$1,879.12

If the wages are And the number of withholding allowances claimed is At leastBut less than012345678910+The amount of income tax withheld is720740806244261410000074076083654728163000007607808668503118500000780800897153342070000080082092745637220000008208409577594024110000084086098806243261310000The following table shows the federal income tax for a single person for a biweekly payroll period withheld in 2005.Find the amount of taxes withheld for a single person with 5 withholding allowances claimed making $841 per payroll period.a.$7c.$11b.$0d.$13