Tax Basics Answers

You have $3,750 to deposit. If you deposit the money in a savings account at your local bank, you will earn 1.75% annual interest and will be able to make ATM withdrawals at your bank’s ATMs. If you deposit the money in an online savings account, you will earn 3.25% interest, but you will be charged $4 every time you make an ATM withdrawal. Assuming that your ATM withdrawals do not reduce the amount of interest you earn, roughly how often must you make an ATM withdrawal for the local savings account to be a better deal than the online savings account?

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday

If the NCUA pays $1.92 billion to cover several failed credit unions, and doing so drains its reserve fund by 8.42%, approximately how much was in the fund to begin with?

What are you primarily doing when you reconcile your checking account?

Jack is considering a list of features and fees for Current Bank: Jack plans on using network ATMs about 4 times per month. What would be Jack’s total estimated annual fees for a checking account with direct paycheck deposit, one overdraft per year, and no 2nd copies of statements?

Barry wants to open a checking account. He wants online services, and a debit card. He is looking at the following tables of fees from his employer's credit union, EECU, and a local bank, E-town Bank: Based upon past experience, Barry expects no overdrafts. He expects no 2nd copies of statements. Barry estimates that he will use network ATMs about 5 times a month with either bank. Barry decides in the end to choose EECU. Assuming that both banks provide the necessary services equally well, and based upon the tables of fees given above, how much can Barry reasonably expect to save annually by choosing EECU in this case over E-town bank?

Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154.00 was withheld as federal income tax on his last paycheck, how much will be withheld from his paycheck for income tax in all?

Gift tax falls under which tax category?

Real Estate tax, a tax based on the value of the land and the buildings owned by its taxpayers, is a good example of _____.

Which of the following items may be a good consideration in selecting a bank?I. The bank sends a representative to the local mall to promote new applications.II. Number of ATMs or bank branches near where you live, shop, work, or travel.III. Knowledge of personal usage habits and needs.

Which of the following statements best describes the difference between sales tax and property tax?

Which of the following is an example of a wealth tax?

Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?

What kind of taxes are likely to pay for universities and police?

Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register says that her balance is 370.77. Which of the following are still outstanding?I. A $78.17 check to the electric companyII. A $16.15 deposit from Roberta's roommateIII. A $22.67 check to the grocery storeIV. A $62.65 deposit from Roberta's tax return