Question

PLEASE HELP ;-;

10. You have a part-time job that pays $4.70/hr and average tips are $3.85/hr. Your deductions are FICA (7.65%), federal tax withholding (12.3%), and state tax withholding (8.2%). You work 13 hr/week. How much is your realized income each week?


11. You invest $1,050.00, buying stock in a company. The shares increase in value by 13% the first year and increases by 13% again the second year. How much is the total value of your stocks in the second year?


12.You invest $2,000.00 in a stock plan and another $2,000.00 in a savings account. The stock plan decreases by 7% the first year and gains 10% the second year. The savings account earns a 3.7% APR and compounds annually.

How much is the total value of your stocks after 2 years?

What is the balance in your savings account after 2 years?


13. Your parents are renting an apartment for you when you go away to college. An annual contract is $502.00/month. The

Answer 1

10.) The realized income each week is $79.87.
Add both payments and tips then deduct the tax deductions (multiply the rates to the gross income per week).
Gross income per week: (4.70 + 3.85) x 13hrs = 111.15
Tax deductibles: 8.50 (FICA) + 13.67 (federal tax) + 9.11 (state tax) = (31.28)
Realized income per week: 111.15 - 31.28 = 79.87

11.) The value of the stocks in its second year is $1,340.75.
Multiply the investment by the percentage increase, then add the result to the investment. You can also use this formula = investment x (1 + %)
First year: 1,050 x (1 + 0.13) = 1,186.50
Second year: 1,186.50 x (1 + 0.13) = 1,340.75

12.) a. The total value of your stocks after 2 years is $2,046. Use investment x (1 - %) in computing the decreases while investment x (1 + %) in computing the gains.
First year: 2,000 x (1 - 0.07) = 1,860
Second year: 1,860 x (1 + 0.10) = 2,046

b. The balance in your savings account after 2 years is $2,150.74. Use this formula = investment x (1 + rate)^number of years
Balance = 2,000 x (1 + 0.037)^2 = 2,150.74

13.) Your question is incomplete.