Your part-time job pays you $175 per week. How much money would your parents need in an account paying 4.3% simple interest annually to equal your total yearly income from that part- time job?
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Your part-time job pays you $175 per week. How much money would your parents need in an
account paying 4.3% simple interest annually to equal your total yearly income from that part-
time job?
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- Henry is a college student currently working 25 hours a week at his part- time job. If Henry gets paid $15 an hour, what is his weekly, monthly, and annual income?You have a job offer of $51,600. You are paid semi-monthly, and you want to buy health insurance which is an adjustment to your pay. The health insurance costs $200/month. You also want to contribute 3% of your Gross paycheck into a retirement account which is also an adjustment. Your tax rate is 10%, and you have a $20 paycheck deduction for dental insurance, what is your net pay? Pay careful attention to each component of this question. O $1803.47 Ⓒ$1,682.35 Ⓒ$1,676.95 O $1,766.95Consider that you are 30 years old and have just changed to a new job. You have $91,000 in the retirement olan from your former employer. You can roll that money into the retirement plan of the new employer. You vill also contribute $400 each month into your new employer's plan. If the rolled-over money and the new contributions both earn a 7 percent annual return, how much should you expect to have when you retire in 38 years? O $2,019,095.26 O $2,195,145.40 $2,298,025.12 $2,301,116.92
- You have just accepted your first full-time job as assistant manager. You will be earning a salary of $625 per week. That sounds like a lot of money, but you know there will be deductions from your paycheck, such as federal income tax, Social Security tax, and medical insurance. Let’s find out how much you will actually make. 1 You are single and claim no allowances. How much .is deducted from your weekly paycheck for federal income taxes? 2.Your state tax income rate is 4.2% on all gross income. How much is deducted from your weekly paycheck for state income taxes? 3.Your local tax rate is 2.1% on all gross income. How much is deducted from your weekly paycheck for local tax? .4.Social security tax is deducted at the standard rate of 6.2%. How much will you pay into Social Security each week? 5..Medicare is deducted at the standard rate of 1.45% on all earnings. How much will your pay into Medicare each week? 6..You know it’s a good idea to have medical insurance.…Jane has taken a part-time job to save for a $1006 racing bicycle. If she puts $30 each week into a savings account paying 5.2% compounded weekly, how many weeks will she be able to buy the racing bicycle?1. Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. How long will it take for you to be saving at least 20% of your income if your employer provides a 4% wage increase yearly and you save half of each year's increase? 2. Based on your calculations from part a. how much will you be saving (using the end-of- year savings rate) over the next 10 years if you earn $30,000 this year?
- Assume that you begin saving 3% of your total income in an employer-provided retirement plan at work. Each year, your income increases by 4%. As a result, you increase the percentage of your income you devote to your retirement plan by 2%. How long will it take for you to be saving at least 20% of your income? (Assume no taxes.) Based on your calculations from part a, how much will you be saving (using the end-of-year savings rate) over the next 10 years if you earn $30,000 this year? What is an alternative approach you might recommend for this situation? Why might it be better?When you begin your new job, your employer says they will match any 401k deposits you make by 50% up to 5% of your overall salary annually. When you start your new job as a college grad, you will make $57600 per year and you decide to take full advantage of the matching by depositing 5% of your monthly salary every month. a) How much will YOU be depositing in the 401k each month from your salary? $ b) How much will YOUR EMPLOYER be depositingin the 401k each month? $ c) How much TOTAL will be deposited into your 401k each month? d) How much will you have in the account in 45 years if it pays 7.8% APR? $ e) How much total money will you put into the account after 45 years? f) How much total will the employer have put into the account after 45 years? $ g) How much total interest will you earn? $ h) If you choose NOT to take advantage of depositing money into the 401k because you feel you need that money to pay bills now, how much money will you be losing from your employer and interest…Suppose you have a job that pays you $15,000 a year. You receive a credit application in the mail stating that you have been pre-approved for $3,000 in credit, but that you must make at least $18,000 a year to receive the card. What should you do?
- Your birthday is next week and instead of other presents, your parents promised to give you $2,400 in cash. Since you have a part-time job and, thus, don’t need the cash immediately, you decide to invest the money in a bank CD that pays 8.20 percent, compounded quarterly, for the next two years. How much money can you expect to earn in this period of time? Expect to earnYou have just accepted your first full-time job as assistant manager. You will be earning a salary of $625 per week. That sounds like a lot of money, but you know there will be deductions from your paycheck, such as federal income tax, Social Security tax, and medical insurance. Let’s find out how much you will actually make. 1 You are single and claim no allowances. How much is deducted from your weekly paycheck for federal income taxes? 2Your state tax income rate is 4.2% on all gross income. How much is deducted from your weekly paycheck for state .income taxes? 3.Your local tax rate is 2.1% on all gross income. How much is deducted from your weekly paycheck for local tax? 4.Social security tax is deducted at the standard rate of 6.2%. How much will you pay into Social Security each week? 5.Medicare is deducted at the standard rate of 1.45% on all earnings. How much will your pay into Medicare each week? 6.You know it’s a good idea to have medical insurance.…If you net $14.25 per hour and work 40 hours a week, 4 weeks per month, and have monthly expenses of: rent $825.50, car payment $458.79, utilities $110, food $150, gas $105, phone $125.25, savings $225, and insurance $118.36, what do you have left to invest for your retirement?