Jane lives in Middleton, where the tax rate is 2.9%. Her property is assessed at $89,000. What is her tax?
Find the total tax deductions for each of the following weekly paychecks.
weekly pay $98.00 $240.00 $150.00
FICA (7.65) ? ? ?
Which item is more economical?
1. a $100,000 life insurance policy at $0.55 per $1000 per month.
2. a $100,000 life insurance policy at $170 per quarter.
I have no idea how to solve any of these. PLEASE! help me.
Multiply: 0.029 * 89,000
Multiply: 0.0765 * 98
I think you have an error in the third problem. Isn't it $55.00 per month?
Multiply: 3 months * 55 = ?
I'd be happy to help you! Let's break down each question step by step:
1. Jane's property tax calculation:
To find Jane's tax, we need to multiply the assessed value of her property ($89,000) by the tax rate (2.9%). The formula to calculate tax is: Tax = Assessed value * Tax rate. Applying this formula, Jane's tax would be: Tax = $89,000 * 0.029.
2. Weekly paycheck tax deductions:
To calculate the FICA (Federal Insurance Contributions Act) tax deduction for each paycheck, we multiply the paycheck amount by the FICA tax rate (7.65%). The formula is: FICA deduction = Weekly pay * FICA rate. Using this formula, you can calculate the FICA deduction for each paycheck.
3. Comparing life insurance policies:
To determine which life insurance policy is more economical, we need to compare the costs of both policies. For the first policy, the cost is $0.55 per $1000 per month. We can calculate the monthly cost by dividing the total coverage amount ($100,000) by 1000 and then multiplying it by the cost per $1000 ($0.55). For the second policy, the cost is $170 per quarter. Since a quarter consists of three months, we need to calculate the monthly cost by dividing the quarterly cost by three.
By comparing the monthly costs of both policies, you can determine which one offers a lower premium.
In summary, here are the steps to solve these questions:
1. Jane's property tax:
- Multiply the assessed value ($89,000) by the tax rate (2.9%).
2. Weekly paycheck tax deductions:
- Multiply each paycheck amount by the FICA tax rate (7.65%) to find the FICA deduction.
3. Comparing life insurance policies:
- For the first policy, divide the coverage amount ($100,000) by 1000, then multiply by the cost per $1000 per month ($0.55).
- For the second policy, divide the quarterly cost ($170) by three to find the monthly cost.
- Compare the monthly costs of both policies to determine which one is more economical.