Teacher Answer Key - Home Page of the Cougars!

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Budgeting Math Problems 7 Solve each of the following problems. 1. Marilyn's biweekly gross pay is $1,200. Her deductions include 9.4% for federal income tax, 6.2% for social security, 1.45% for medicare, and 3.5% for state income tax. She has to pay her rent which is $550. How much will she have left for other expenses? $1,200 x .094 = $112.80 $1,200 x .062 = $74.40 $1,200 x .0145 = $17.40 $1,200 x .035 = $42.00 $112.80 + $74.40 + $17.40 + $42.00 = $246.60 $1,200 - $246.60 - $550 = $403.40 $ 403.40 2. The Smith's current net worth is $324,476. Their assets have increased by $11,346 and $9,786 over the last two years and their liabilities have increased by $6,432 and $4,823. What was their net worth two years ago? $11,346 + $9,786 = $21,132 $6,432 + $4,823 = $11,255 $21,132 - $11,255 = $9,877 $324,476 - $9,877 = $314,599 $ 314,599 3. During the year, Ray paid the following electric bills: $82.74, $80.22, $73.18, $71.82, $69.80, $121.96, $138.58, $105.85, $124.33, $72.67, $74.80, $80.75. How many times greater than the smallest bill was the largest bill? $138.58 / $69.80 = 1.985 = 1.99 1.99 4. For her cable TV service, Rita has chosen expanded cable (channels 3-54) at $24.05 plus two movie channels at $14.00 each. What is her monthly cost per channel? $ 0.96 $24.05 + $28.00 = $52.05 $52.05 / 54 = $ .96 Name: ____________________________________ Class: _______________________ Period: ____
Budgeting Math Problems 8 Solve each of the following problems. 5. The Bradshaws estimated that they spent $2,965 last year on food for their family of five. If $1,114 was spent on food away from home, what percentage of their food budget was spent on food at home? $2,965 - $1,114 = $1,851 $1,851 / 2,965 = .624 = 62.4% 62.4 % 6. Russ has $120 deducted from each of his 26 paychecks and deposited in his 401(k) retirement plan. If the company matches 50% of his deposits, how much will have been deposited in a year? $120 x 26 = $3,120 $3,120 x 1.5 = $4,680 $ 4,680.00 7. In adding up their total liabilities, the Swansons found they owed an average of $2,855 on two different credit cards. One credit card had a balance of $3,142. What was the balance on the other card? $3,142 + x = $2,855 (2) $3,142 + x = $5,710 x = $2,568 $ 2,568.00 8. One family spent 6.5% of their $55,250 yearly income on clothing. Another family spent 7.3% of their $42,500 income. What was the average amount the two families spent on clothing? $55,250 x .065 = $3,591.25 $42,500 x .073 = $3,102.50 $3,591.25 + $3,102.50 = $6,693.75 $6,693.75 / 2 = $3,346.88 $ 3,346.88 Name: ____________________________________ Class: _______________________ Period: ____
Page 1 and 2: Teacher Answer Key Topic Type Page
Page 3 and 4: Budgeting Your Income 2 1) Listed b
Page 5 and 6: Budgeting Your Spending 4 1) Read e
Page 7: Budgeting The Unexpected / Net Wort

Teacher Answer Key - Home Page of the Cougars!

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