25. Edith earns an annual gross salary of $17,500. She has 28% of her gross salary withheld for taxes and other deductions. What is the net pay of each paycheck if she is paid weekly?
$274.04
$43.87
$242.31
26. Franklin deposited $1,400 in a savings account that accrues simple interest at 6.75%. What is the balance in his account at the beginning of the third quarter?
$78.75
$1,447.25
$1,505
27. George borrowed $1895.50 for two years. The total amount he repaid was $2,189.38. How much interest did he pay for the loan?
$454.50
$293.88
$227.73
28. Norma borrowed $1,800 at 11% interest for 90 days. How much interest did she pay on the loan?
$49.50
$198
$2
29. Carlos earns $450 per week as a paralegal. He is in the 15% tax bracket. How much of his annual income is withheld for taxes?
$4500
$3510
$9000
25.
17,500 * 0.28 = 4,900
17,500 - 4,900 = 12,600
12,600 / 52 = $242.31
I'll be glad to check your answers for the other problems.
To calculate the net pay of each paycheck for Edith, we need to determine the amount withheld for taxes and deductions, and then subtract that from her gross salary.
Step 1: Calculate the amount withheld for taxes and deductions.
The gross salary of Edith is $17,500.
The percentage withheld for taxes and deductions is 28%.
Amount withheld = 28% of $17,500 = $4,900
Step 2: Calculate the net pay per paycheck.
Edith is paid weekly, so to find the net pay per paycheck, we divide the annual amount withheld by 52 (the number of weeks in a year).
Net pay per paycheck = $4,900 / 52 = $94.23 (approximately)
Therefore, the correct option for question 25 is none of the given options.
Moving on to question 26:
To determine the balance in Franklin's savings account at the beginning of the third quarter, we need to calculate the interest earned on his deposit.
Step 1: Determine the interest earned.
Principal (deposit amount) = $1,400
Interest rate = 6.75%
Number of quarters in two years = 8 quarters
Interest earned = Principal * Interest rate * Number of quarters
Interest earned = $1,400 * 6.75% * 8 = $756
Step 2: Calculate the balance in the account.
Balance = Principal + Interest earned
Balance = $1,400 + $756 = $2,156
Therefore, the balance in Franklin's account at the beginning of the third quarter is $2,156. The correct option for question 26 is none of the given options.
Moving on to question 27:
To determine the interest paid by George for the loan, we need to subtract the principal (amount borrowed) from the total amount repaid.
Step 1: Calculate the interest paid.
Amount borrowed = $1,895.50
Total amount repaid = $2,189.38
Interest paid = Total amount repaid - Amount borrowed
Interest paid = $2,189.38 - $1,895.50 = $293.88
Therefore, George paid $293.88 in interest for the loan. The correct option for question 27 is $293.88.
Moving on to question 28:
To calculate the interest paid by Norma on the loan, we need to multiply the principal (loan amount) by the interest rate and the time in years.
Step 1: Calculate the interest paid.
Loan amount = $1,800
Interest rate = 11% (convert to decimal: 0.11)
Time in years = 90 days / 365 days/year (to convert days to years)
Time in years = 90 / 365 = 0.2466 (approximately)
Interest paid = Loan amount * Interest rate * Time in years
Interest paid = $1,800 * 0.11 * 0.2466 = $49.50
Therefore, Norma paid $49.50 in interest on the loan. The correct option for question 28 is $49.50.
Moving on to question 29:
To calculate how much of Carlos' annual income is withheld for taxes, we need to multiply his weekly income by the number of weeks in a year and then multiply that by the tax rate.
Step 1: Calculate the annual income.
Weekly income = $450
Number of weeks in a year = 52
Annual income = Weekly income * Number of weeks
Annual income = $450 * 52 = $23,400
Step 2: Calculate the amount withheld for taxes.
Tax rate = 15% (convert to decimal: 0.15)
Amount withheld = Annual income * Tax rate
Amount withheld = $23,400 * 0.15 = $3,510
Therefore, $3,510 of Carlos' annual income is withheld for taxes. The correct option for question 29 is $3,510.
To solve these questions, we'll need to use some basic mathematical calculations.
25. To find Edith's net pay per paycheck, we need to calculate the amount of her gross salary that is withheld for taxes and deductions and subtract that from her gross salary. Since she is paid weekly, we can divide her annual gross salary by 52 (the number of weeks in a year) to find her weekly gross salary. Then we multiply her weekly gross salary by the percentage withheld (28%) to find the amount withheld per week. Finally, we subtract the amount withheld per week from her weekly gross salary to find her net pay per paycheck.
Weekly Gross Salary = Annual Gross Salary / 52 = $17,500 / 52 ≈ $336.54
Amount Withheld Per Week = Weekly Gross Salary * Withholding Percentage = $336.54 * 0.28 ≈ $94.15
Net Pay Per Paycheck = Weekly Gross Salary - Amount Withheld Per Week = $336.54 - $94.15 ≈ $242.31
Therefore, the net pay of each paycheck is approximately $242.31.
26. To find the balance in Franklin's savings account at the beginning of the third quarter, we need to calculate the interest earned on his initial deposit. Simple interest is calculated by multiplying the principal amount by the interest rate and the time period.
Interest Earned = Principal Amount * Interest Rate * Time
Interest Earned = $1,400 * 0.0675 * 2/4 (since the interest is for two quarters)
Interest Earned = $94.50
Balance at the beginning of the third quarter = Principal Amount + Interest Earned = $1,400 + $94.50 = $1,494.50
Therefore, the balance in Franklin's account at the beginning of the third quarter is $1,494.50.
27. To find the amount of interest that George paid for the loan, we need to calculate the difference between the total amount repaid and the borrowed amount.
Interest Paid = Total Amount Repaid - Borrowed Amount
Interest Paid = $2,189.38 - $1,895.50 = $293.88
Therefore, George paid $293.88 in interest for the loan.
28. To find the amount of interest Norma paid on the loan, we need to calculate the simple interest using the formula:
Interest = Principal Amount * Interest Rate * Time
Time is given as 90 days, so we need to convert it to a fraction of a year by dividing it by 365 (assuming a non-leap year).
Interest = $1,800 * 0.11 * (90 / 365) ≈ $49.50
Therefore, Norma paid $49.50 in interest on the loan.
29. To find the amount of Carlos's income withheld for taxes, we need to calculate the amount based on his weekly income and his tax bracket.
Annual Income Withheld = Weekly Income * Number of Weeks in a Year * Tax Rate
Annual Income Withheld = $450 * 52 * 0.15 = $3510
Therefore, $3,510 of Carlos's annual income is withheld for taxes.