All the Madisons paid FICA taxes at $7.65 \%$ on their gross wages.

What total amount of state income, federal income, and FICA taxes did the parents pay?

The Madisons' son, Dwayne, earned $\$ 2,130$ last summer to help with the cost of his schooling. He also earned $\$ 84$ in interest through his savings account. His employer deducted $\$ 256$ in federal and $\$ 78$ in state withholding taxes. Dwayne needs to complete state and federal income tax returns in order to get refunds of the taxes that were withheld from his wages.

How much state income tax refund should Dwayne expect?

Marlie will be starting college next month. She was approved for a 10-year, Federal Unsubsidized student loan in the amount of $18,800 at 4.29%. She knows she has the option of beginning repayment of the loan in 4.5 years. She also knows that during this non-payment time, interest will accrue at 4.29%. Suppose that Marlie had decided to apply for a private loan rather than a federal loan. She has been offered a private loan for 10 years with an APR of 7.8%. a. Determine her monthly payment. b. What is the total amount she will pay back? c. What is the total interest amount?

The Madisons complete their joint federal income tax return for last year's income. Their gross income last year was $\$ 44,150$. They had adjustments to income for an approved retirement plan of $\$ 2,870$. They also itemized their deductions and found a total of $\$ 8,380$. They claimed three exemptions (one each for Twanya, Lewellyn, and their son) at $\$ 3,100$ each.

The Madisons' employer deducted $\$ 2,704$ in federal withholding taxes during the year. Will the Madisons have to pay more taxes or will they receive a refund, and what is the amount?

The Madisons' son, Dwayne, earned $\$ 2,130$ last summer to help with the cost of his schooling. He also earned $\$ 84$ in interest through his savings account. His employer deducted $\$ 256$ in federal and $\$ 78$ in state withholding taxes. Dwayne needs to complete state and federal income tax returns in order to get refunds of the taxes that were withheld from his wages.

How much federal income tax refund should Dwayne expect?

A skateboard in a store in Charlottetown, PEI, costs $39.99. It is on sale for 30% off. The taxes are 16%. What is the sale price of the skateboard, including taxes? "Calculating$39.99 - 30% discount + 16% taxes is similar to calculating $39.99 - 14%," a student says. Is the student's thinking correct? Justify.

The Madisons also must complete a state income tax return and pay a tax on the amount of taxable income shown on their federal return.

The Madisons employer deducted $\$ 706$ in state withholding taxes during the year. Will they have to pay more state income taxes or will they receive a refund, and what is the amount?

The Madisons' son, Dwayne, earned $\$ 2,130$ last summer to help with the cost of his schooling. He also earned $\$ 84$ in interest through his savings account. His employer deducted $\$ 256$ in federal and $\$ 78$ in state withholding taxes. Dwayne needs to complete state and federal income tax returns in order to get refunds of the taxes that were withheld from his wages.

Using the tax table, find the amount of Dwayne's federal income tax. He claims the standard deduction, which is a minimum of $\$ 850$ and a maximum of $\$ 5,450$.

Rondo earns $\$ 3,750$ per month. From those wages, $\$ 312$ in federal witholding, $\$ 245.25$ in Social Security, $\$ 59$ in Medicare, $\$ 104$ in state income taxes, and $\$ 23.75$ in health insurance are deducted. Find the percentage of gross pay that Rondo takes home to the nearest percent.

Marlie will be starting college next month. She was approved for a 10-year, Federal Unsubsidized student loan in the amount of $18,800 at 4.29%. She knows she has the option of beginning repayment of the loan in 4.5 years. She also knows that during this non-payment time, interest will accrue at 4.29%. Marlie made her last monthly interest-only payment on December 1. Her next payment is due on January 1. What will be the amount of that interest-only payment?

Linda and Rob charged a $67.44 restaurant bill on their credit card. They gave the card to the waitress, who accidentally transposed two digits and charged them$76.44. They did not notice this until they received their statement later that month. Their card has an 18% APR. a. How much were Linda and Rob overcharged? b. They plan to pay their monthly statement amount in full, but they need to deduct the amount they were overcharged, plus the finance charge that was based on the incorrect amount. If the overcharged amount was on their statement for 18 of the 31-day billing cycle, how much should they deduct from this monthly statement, including the amount they were overcharged?

Tomika's credit rating was lowered, and the credit card company raised her APR from 18% to 25.2%. a. If her average daily balance this month is $8,237, what is the increase in this month's finance charge due to the higher APR? b. If this amount is typical of Tomika's average daily balance all year, how much would the rise in interest rate cost her in a typical year? Round to the nearest ten dollars.

How does a change of duty station to a foreign location change the deduction of allowable moving expenses for a service member?

Mrs. Imperiale's credit card has an APR of 13.2%. She does not ever pay her balance off in full, so she always pays a finance charge. Her next billing cycle starts today. The billing period is 31 days long. She is planning to purchase $7,400 worth of new kitchen cabinets this month. She will use her tax refund to pay off her entire bill next month. If she purchases the kitchen cabinets on the last day of the billing cycle instead of the first day, how much would she save in finance charges? Round to the nearest ten dollars.