Question

1. the combined social security/medicare (fica) tax rate has not changed since 1990. if frank e. vale earned $35,000 in 2023, what was the total amount of fica tax contributed by his employer and himself in 2023? $7,650.00 $5,355.00 $2,677.50 none of these
2. an employer is required to send copies of the _? _ form to the employee within one month after the end of a year. w - 2 w - 4 1040a schedule x
3. the johnson family drove 225 miles to visit their grandmother at an average rate of 60 miles per hour. how long did it take to get there? 3 hours, 45 minutes 2 hours, 45 minutes 3 hours, 15 minutes 4 hours, 15 minutes
4. during the first week of june, the bransons gross earnings were $896.70. in that same week they had these expenses: electricity - $119.48, guitar rental - $50, car payment - $415.25, gas - $12.68, and food - $97.32. find the difference between their gross earnings and their expenses for that week. $694.73 $291.97 $201.97 none of these
5. from her waitress job, shelagh oreally deposited into her account 8 five - dollar bills, 42 quarters, 22 nickels, and 213 pennies. what was her total deposit? $21.73 $51.81 $53.73 none of these
6. tony trakchek ordered 200 checks for $25.90; what was his cost per check (to the nearest penny). $7.72 $0.13 $0.25 none of these
7. sarah tonin began the month with a balance of $1,800 and wrote checks for $294, $165, $29.92, $87, $85.67, and $16.76. she also deposited a total of $524, was charged $.75 to write each check, and received $12.10 interest. find her current balance. $1,231.68 $1,644.90 $1,219.58 none of these
8. rusty naylor borrowed $1,200 at 12% for 1 year and is paying it back in equal monthly installments. how much is each payment? $120 $134.40 $112 none of these
9. charlotte lemains new bank statement shows a balance of $1,740.09 in her checking account, with outstanding deposits of $127.07 and $25, and outstanding checks for $63.80, $24.93, and $59.41. find the true (reconciled) balance for her account. $1,892.06 $1,744.02 $1,591.95 none of these
10. william sonoma borrowed $1,200 at 15% interest for 45 days. how much will he owe at the end of his loan period? $1,222.19 $1,350.00 $1,380.00 none of these
11. for the past 3 years, jerris joplin left $500 on deposit in his savings account. if he earns 4% annual interest compounded quarterly, what will be his balance at the end of the 3 years? $564.41 $560.00 $562.43 none of these

Explanation:

Step1: Calculate FICA tax rate

The combined Social Security/Medicare (FICA) tax rate is \(7.65\%\) ( \(6.2\%\) for Social Security and \(1.45\%\) for Medicare).

Step2: Calculate total FICA tax

The formula for calculating the tax is \(Tax = Income\times Tax\ Rate\). Given \(Income=\$35000\) and \(Tax\ Rate = 7.65\%=0.0765\).

$$Tax=35000\times0.0765 = 35000\times\frac{7.65}{100}=350\times7.65=\$2677.5$$

Since both the employer and the employee contribute this rate, the total contribution is \(2\times2677.5=\$5355\)

Step3: Analyze the 12th problem

Use the formula \(t=\frac{d}{r}\), where \(d = 225\) miles (distance) and \(r=60\) miles per hour (rate).

$$t=\frac{225}{60}= 3.75\ hours$$

Since \(0.75\ hours\times60 = 45\) minutes, \(t = 3\) hours and \(45\) minutes

Step4: Analyze the 13th problem

First, find the total expenses: \(119.48 + 50+415.25+12.68+97.32=(119.48+415.25)+(50 + 12.68+97.32)=534.73+159.99=\$694.72\)
Then find the difference: \(896.70-694.72=\$201.98\approx\$201.97\)

Step5: Analyze the 14th problem

Calculate the value of each type of currency:

• 8 five - dollar bills: \(8\times5=\$40\)
• 42 quarters: \(42\times0.25=\$10.5\)
• 22 nickels: \(22\times0.05=\$1.1\)
• 213 pennies: \(213\times0.01=\$2.13\)

Total deposit: \(40 + 10.5+1.1+2.13=\$53.73\)

Step6: Analyze the 15th problem

Use the formula \(Cost\ per\ check=\frac{Total\ cost}{Number\ of\ checks}\). Given \(Total\ cost=\$25.90\) and \(Number\ of\ checks = 200\)

$$Cost\ per\ check=\frac{25.90}{200}=0.1295\approx\$0.13$$

Step7: Analyze the 16th problem

First, find the total amount of checks: \(294+165 + 29.92+87+85.67+16.76=(294+165)+(29.92+87)+(85.67+16.76)=459+116.92+102.43=\$678.35\)
Check - writing charges: \(6\times0.75=\$4.5\) (6 checks)
Starting balance: \(\$1800\)
Deposits: \(\$524\)
Interest: \(\$12.10\)
Current balance: \(1800-678.35 - 4.5+524+12.10=(1800+524+12.10)-(678.35 + 4.5)=2336.1-682.85=\$1653.25\) (None of the given options)

Step8: Analyze the 17th problem

First, calculate the simple interest: \(I=P\times r\times t\), where \(P = 1200\), \(r=0.12\), \(t = 1\)

$$I=1200\times0.12\times1=\$144$$

Total amount to be repaid: \(A=P + I=1200+144=\$1344\)
Monthly payment: \(\frac{1344}{12}=\$112\)

Step9: Analyze the 18th problem

True balance formula: \(Bank\ statement\ balance+Outstanding\ deposits - Outstanding\ checks\)

$$1740.09+(127.07 + 25)-(63.80+24.93+59.41)=1740.09+152.07-148.14=1744.02$$

Step10: Analyze the 19th problem

Use the simple - interest formula \(I = P\times r\times t\), where \(P=\$1200\), \(r = 0.15\), \(t=\frac{45}{365}\)

$$I=1200\times0.15\times\frac{45}{365}\approx\$22.19$$

Amount owed: \(A=P+I=1200 + 22.19=\$1222.19\)

Step11: Analyze the 20th problem

Use the compound - interest formula \(A=P(1+\frac{r}{n})^{nt}\), where \(P = 500\), \(r=0.04\), \(n = 4\) (compounded quarterly), \(t = 3\)

$$A=500(1+\frac{0.04}{4})^{4\times3}=500(1 + 0.01)^{12}=500\times1.12682503\approx\$563.41$$

(None of the given options)

Answer:

1. \(\$5,355.00\)
2. \(W - 2\)
3. \(3\) hours, \(45\) minutes
4. \(\$201.97\)
5. \(\$53.73\)
6. \(\$0.13\)
7. None of these
8. \(\$112\)
9. \(\$1,744.02\)
10. \(\$1,222.19\)
11. None of these