Podcast
Questions and Answers
What is the total weekly net pay after all deductions?
What is the total weekly net pay after all deductions?
Calculation required
What is the balance in the simple interest account after 3 years?
What is the balance in the simple interest account after 3 years?
$ ext{Balance} = P(1 + rt)$
How much will the CD be worth upon maturity?
How much will the CD be worth upon maturity?
$ ext{CD worth} = P(1 + r)^n$
What is the value of the savings account after 14 years of compound interest?
What is the value of the savings account after 14 years of compound interest?
Signup and view all the answers
Match the financial vocabulary terms with their correct descriptions.
Match the financial vocabulary terms with their correct descriptions.
Signup and view all the answers
What is the annual gross income of someone making the Arizona minimum wage of $12.80 per hour, working full-time at 40 hours per week?
What is the annual gross income of someone making the Arizona minimum wage of $12.80 per hour, working full-time at 40 hours per week?
Signup and view all the answers
How do you calculate the monthly gross income of an auto dealership worker with a 3% commission on each car sold, in addition to a $17,000 annual salary, selling 9 cars worth an average of $23,000 each in a month?
How do you calculate the monthly gross income of an auto dealership worker with a 3% commission on each car sold, in addition to a $17,000 annual salary, selling 9 cars worth an average of $23,000 each in a month?
Signup and view all the answers
What is the monthly after-tax income of someone earning an annual salary of $52,850, considering Federal (17%), Georgia (6%), Social Security (6.2%), and Medicare (1.45%) tax rates?
What is the monthly after-tax income of someone earning an annual salary of $52,850, considering Federal (17%), Georgia (6%), Social Security (6.2%), and Medicare (1.45%) tax rates?
Signup and view all the answers
If a full-time employee earns $13.80 an hour, working 40 hours per week, how much is deducted from their monthly paycheck for the company's retirement plan that costs 2.5% of the gross income?
If a full-time employee earns $13.80 an hour, working 40 hours per week, how much is deducted from their monthly paycheck for the company's retirement plan that costs 2.5% of the gross income?
Signup and view all the answers
How much money is deducted from the monthly paycheck of an employee who took 10 work days off for vacation, 3 days off for a family wedding, and 5 sick days, earning $21.56 per hour and working 8 hours a day?
How much money is deducted from the monthly paycheck of an employee who took 10 work days off for vacation, 3 days off for a family wedding, and 5 sick days, earning $21.56 per hour and working 8 hours a day?
Signup and view all the answers
What is the net pay of an individual earning $830 per week?
What is the net pay of an individual earning $830 per week?
Signup and view all the answers
Study Notes
Income Calculations
- Arizona minimum wage: $12.80 per hour
- Full-time work: 40 hours per week
- Annual gross income based on Arizona minimum wage: $66,496 per year
- Monthly gross income calculation: (Annual salary / 12) + (Commission rate x Average sale value x Number of sales)
Commission and Salary
- Auto dealership sales commission: 3% of each car sale
- Average sale value: $23,000
- Typical monthly sales: 9 cars
Taxes and Income
- Federal tax rate: 17%
- Georgia state tax rate: 6%
- Social Security tax rate: 6.2%
- Medicare tax rate: 1.45%
- Monthly after-tax income calculation: (Annual salary x (1 - Tax rate)) / 12
Retirement Plans
- Company retirement plan deduction: 2.5% of gross income
- Monthly retirement plan deduction calculation: (Gross income x 2.5%) / 100
Loss of Pay
- Annual days off: 15 days
- Vacation days: 10 days
- Sick days: 5 days
- Loss of pay calculation: (Hourly rate x Hours worked per day x Number of days lost)
Net Pay
- Weekly net pay calculation: (Weekly gross pay x (1 - Tax rate)) - (Retirement plan deduction + Health insurance deduction)
Simple Interest
- Simple interest calculation: (Principal amount x Interest rate x Time)
- Interest rate: 3.5% per annum
Compound Interest
- Compound interest calculation: (Principal amount x (1 + Interest rate/n)^(n*Time))
- Interest rate: 3% per annum
- Compounding frequency: Annually
Financial Vocabulary
- Bonus: A one-time payment for exceptional performance
- Hourly Pay: Payment based on the number of hours worked
- Commission: Payment based on a percentage of sales
- Base Salary: Fixed annual payment for work performed
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on calculating different types of income including annual gross income and monthly gross income based on real-world scenarios with accurate and up-to-date data.
