Business Math Thanksgiving Review Packet

Name: ______Date: ______Period: ______

Business Math Thanksgiving Review Packet

Review of Chapters 1-3

This review is due on Monday, November 28th. It will be counted as TWO TEST GRADES , however , for every day late I will deduct 10 points from your grade. After Wednesday, November 30th, it will no longer be accepted. Please remember if an answer is in currency; please represent it properly in complete currency format and all fractions must be simplified. Failure to do so will result in a wrong answer.

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For the questions below, if you need tax charts, please use the ones on pages 25-27 in your workbook.

1. Using your workbook on page 25-27 and a FICA tax rate of 7.65% please list the following employee’s income tax and FICA tax information. All of them are single.

1. Maggie Ryan earns $420 a week at her job. She is given a 7 % raise. She is a single taxpayer who claims one withholding allowance. Federal, FICA, and a 4% state income tax are withheld from her wages. What is the increase in her gross wages and how much does her net pay increase per week with her raise?

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1. Ed Mueller earns $12.98 an hour for a 40-hour work week. He is paid time and a half for overtime. His employer deducts FICA tax at a rate of 7.65% and income tax of $36. His employer also deducts $70.72 per week for a family health insurance plan the Ed carries. He worked 50 hours. Please fill out the information below:

Regular-time earnings$ ______

Over-time Earnings$ ______

Total Earnings $ ______

Deductions:

Income Tax $ ______

FICA Tax$ ______

Health insurance$ ______

Total deductions$ ______

Net earnings $ ______

1. What is 72.5% of 250?______
2. What is 8 as a percent?______
3. Round .6285 to the nearest tenth______

For the following questions, please calculate the compounded amount and just the compound interest for all of the following using the interest table found at the end of this packet.

CompoundCompound

AmountInterest

1. $13,000 at 5% compounded annually for 10 years. ______

1. $1,500 at 12% compounded semiannually for 4 years ______

1. Rename to the lowest terms 92/5______
2. Write as a percent 0.5765______
3. Rename 21 7/8 as an improper fraction______
4. What is 14 2/5 divided by 4 1/4/?______
5. What is 34 + 5 ______
6. What is 79 - 12______
7. Piece rate employees at a factory are paid by the units they make in a work day. $0.60 each for the first 50 pieces, $0.70 for the next 25 pieces, and $1.10 each for all pieces over 75. Oscar completed 128 pieces, what was his gross pay for that day?

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1. You earn $2,365 per month. What is your yearly gross wages?______
2. Victor earns a weekly salary of $2,331.60. What is his gross pay for one year?______
3. Sue works 49 ½ hours @ $18.50 an hour. What is her gross pay, including overtime? (round to nearest tenth)

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1. Agnes took a test and got 5 wrong out of 37. What was her grade (round to the nearest percent)?
   

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1. A college student earned $420, $430, $342, and $380 over a 4 week period. How much must he earn during the fifth week to have average earnings of $436 for five weeks?
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2. You earned $440 last week. Your average pay for the first 4 days was $90. How much did you earn on the fifth day?

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1. Round off to the nearest tenth:$ 8.395 ______$ 6.9569 ______
2. Round off to the nearest ten: $ 18,325,698 ______$ 9,521,875 ______
3. Round off to the nearest hundredth:$ 234.2875 ______$15.5025 ______
4. Samantha works in a factory and is paid $3.80 for every useable chair she produces. Last week, Monday thru Friday she produced 48, 55, 60, 36, 50 chairs. If 26 of the chairs are unusable what would be her gross pay for the week?

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1. What is 1/5 as a decimal and a percent? ______/ ______
2. David, a salesman, was paid a salary of $600 per month, plus a 5% commission on all sales. Last month, his sales amounted to $4,400. What were his total earnings for the month?

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1. The weekly pay of four employees averages $433.00 per employee. The weekly pay amounts of three of the four employees are $400, $410, and $460. What is the weekly pay of the fourth employee?

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1. Freida Werner earned gross income of $55,600 last year. She made payments into an approved retirement plan of $3,600. What was her adjusted gross income last year?

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1. The Smith Chair Factory usually works 8 hours a day, Monday through Friday. Workers get time and ½ for work over 8 hours per day. Olivia Bond works for Smith Chair and is paid a regular hourly rate of $13.46. One week she worked these hours: Monday, 4; Tuesday, 8 ½; Wednesday, 12; Thursday, 11; Friday, 9. During the week Olivia worked ______hours regular time, and ______hours overtime. Her total earnings for the week were $______.

1. Henry’s taxable income is $34,200. Find his state income tax if she pays $1,600 plus 7% of her taxable income over $28,000.

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1. Juan Romero earns a gross pay of $24,500. His employee benefits are 18% of his gross pay. What are his total job benefits?

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1. Shirley Evans earns $20.50 per hour, working 40 hours a week, 50 weeks a year. Her employee benefits include $1,200 per year for health insurance and $500 per year for free parking. Her expenses include $325 for dues and $1,300 for commuting. What are Shirley's net job benefits?

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1. Phyllis Regan's job pays $36,350 plus 24% of wages in benefits. She estimates that her yearly job expenses are $2,256. A job she has been offered pays $39,750 with these estimated benefits: $3,980 in pensions, $450 in free parking, $1,080 in paid vacation, $1,560 in paid holidays, $2,100 in health insurance, and $400 in tools. The job has job expenses of $2,624. Which job offers the greater net job benefits and by how much greater?

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1. Ursala Thomas had the following job expenses for last year: union dues, $388; licenses, $109; commuting costs, $1,478. Her total job benefits for the same period were $39,256. Find her net job benefits.

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1. Joe Palucci earns $2,500 per month. Out of those wages, $266 in federal income taxes, $191.25 in FICA taxes, $100 in state income taxes, and $125 in health insurance premiums were deducted. Find the percentage of gross pay that Joe takes home, to the nearest percent.

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1. Evelyn Johnson had gross income of $43,200. She also had adjusted income of $2,700, itemized deductions of $5,600, and 2 exemptions of $3,500 each. What was Evelyn's taxable income?

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1. Sonia Ruiz earns $485 per week. The following deductions are taken from her gross pay: $58 federal withholding, $37.10 FICA, $14.55 state income taxes, and $35.00 health insurance. To the nearest percent, what percent a does Sonia take home?

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For the following questions, please calculate simple interest for all

1. $1,600 at 6% for 13 months______
2. $4,940 at 5.75% for 4 years and 3 months______

For the following questions, please calculate compound interest for all of the following without using the interest table and you MUST show all work.

1. $1,500 at 8% compounded annually for 3 years. ______

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1. $950 at 7.5% compounded quarterly for 9 months

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1. Mario Torres deposited these items: 14 twenties, 23 tens, 12 fives, 36 half dollars, 32 quarters, 176 dimes, 92 pennies, and the following checks (2-558) $242.58, (4-877) $170.16, (3-407) $17.02. From this deposit she also received 100 ones back. Correctly fill out the deposit slip below to find the total net deposit.

1. Claire Wiseman started the day with a bank balance of $467.67. During the day she deposited a check for $50.00 in the ATM machine and used her debit card for these purchases: $14.78, $15.50, $22.89 and $59.98. What was her bank balance at the end of the day?

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1. Piece rate employees at a factory are paid by the units they make in a work day. $0.60 each for the first 50 pieces, $0.70 for the next 25 pieces, and $1.10 each for all pieces over 75. Oscar completed 128 pieces, what was his gross pay for that day?

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1. On Monday September 1, Sergio Adams had $724.78 in his checking account. During the month he completed the following transactions. Use the register below to record the transactions, keep an accurate running balance and fill out check the proper information for ONLY check # 295 on the blank check provided.

Sept 3Deposited $255.00 and $15.75, earned from lawn cutting and yard work from neighbors.

Sept 5Wrote check # 293 for $213.35 to New York State Gas and Electric to pay utility bill.

Sept 8Wrote check # 294 for $157.59 to Sam’s Clothing Store for a new pair of pants and shirt.

Sept 10From waiter job Sergio deposited the following: 12 $20 bills, 22 $10 bills, 13 $5 bills, 2 quarters, 33 dimes, 24 nickels, and 64 pennies.

Sept 16Wrote check # 295 for $280.00 to Joe’s Appliance Company to pay for a new stove.

Samantha works in a factory and is paid $3.80 for every useable chair she produces. Last week,

Good Luck and Happy Thanksgiving

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