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3 years ago

THIS IS WORTH 100 POINTS BUT YOU MUST ANSWER EVERY QUESTION AND SHOW THE MATH FOR EVERYTHING

Advanced Placement (AP)

1 answer:

sweet-ann [11.9K]3 years ago

8 0

Answer:

Pretend that you are grown up and on your own, starting your life in your chosen career. Create a personal budget for your new, independent life.

Find a typical starting salary for a career that interests you from an online source. (You can use the salary you located earlier in the discussion about cost of living adjustments.)

Chosen career: a heart surgeon

Typical starting salary: $275,000

Calculate the taxes you would have to pay on this salary. Be sure to show your calculations.

First, find your annual income tax based on this rate schedule: ______________

2013 U.S. Federal Income Tax Rates for Single Adults

• 10% on taxable income from $0 to $8,925, plus

• 15% on taxable income over $8,925 to $36,250, plus

• 25% on taxable income over $36,250 to $87,850, plus

• 28% on taxable income over $87,850 to $183,250, plus

• 33% on taxable income over $183,250 to $398,350, plus

• 35% on taxable income over $398,350 to $400,000, plus

• 39.6% on taxable income over $400,000.

1. Then, find your annual social security tax (6.2 percent of total income): __________________

2. Next, find your annual Medicare tax (1.45 percent of total income): ___________________

3. Now find your net annual income after taxes (subtract your federal income tax, social security tax, and Medicare tax, from your annual salary: ____________________

4. Now that you’ve found your net annual income, divide this number by 12 to find your net monthly income: ___________________

5. Use your net monthly income to create a monthly budget. Find online sources that will tell you the typical cost of housing, etc. in your area. Make sure that your expenses do not exceed your income.

6. City and State (or Country) of Residence: __________________________________________

6. Net Monthly Income: $ ______________

Expenses:

1. Housing ____________________

2. Utilities ____________________

3. Food ______________________

4. Transportation _________________

5. Clothing _________________

6. Entertainment _________________

7. Savings ____________________

8. Other Expenses __________________

9. Total Expenses: $ _____________

10. Describe the kind of lifestyle you believe this budget will afford you. What kind of housing will you have? What kind of transportation? What kinds of things will you eat? What kinds of clothing will you wear? What do you do for fun? What are you saving for?

Some things to think about:

If you plan to own a car, all of your auto-related expenses should be included under transportation (Car payments, insurance, maintenance, gasoline, registration, etc.). Depending on where you live, it might be possible to forgo car ownership and use public transportation, which is usually less expensive.

How much cooking do you plan to do? If you plan to cook most of your meals (and pack your lunches) you will spend less than if you eat most of your food in restaurants.

Questions (Be sure to show your calculations):

1. What percentage of your net monthly income is budgeted for housing? ______________

2. What percentage of your net monthly income is budgeted for utilities? _____________

3. What percentage of your net monthly income is budgeted for food? ______________

4. What percentage of your net monthly income is budgeted for transportation? __________

5. What percentage of your net monthly income is budgeted for clothing? _____________

6. What percentage of your net monthly income is budgeted for entertainment? __________

7. What percentage of your net monthly income is budgeted for savings? _____________

8. What percentage of your net monthly income is budgeted for other expenses? ________

Liabilities, Assets, and Net Worth

The Hanson Family has the following assets and liabilities. Can you tell the difference? Identify which are assets and which are liabilities:

• Ownership of a home ($175,000)

• Credit card debt ($200)

• Home mortgage ($120,000)

• Value of retirement savings ($92,000)

• Ownership of 2 automobiles ($23,000)

• Automobile loan debt ($8,500)

• Value of Home furnishings ($3,800)

• Worth of jewelry and other valuables ($5,000)

• Checking account balance ($3,200)

• Savings account balance ($8,800)

• Value of stocks and investments ($12,400)

• Student Loans ($11,000)

1. List the Assets of the Hanson Family:

2. Calculate the total value of the family’s assets: ____________

3. List the Liabilities of the Hanson Family:

4. Calculate the total value of the family’s liabilities: ______________

5. What is the net worth of the Hanson family? __________

Explanation:

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4 years ago

Which of the following is not a characteristic of someone who shows initiative?

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3 years ago

Read 2 more answers

Electric vehicles make up a very small proportion of the overall car market, but by how much has that proportion increased? Inde

Minchanka [31]

Given Information:

The proportion of electric cars sold in 2012 = p₁ = 0.1%

The proportion of electric cars sold in 2016 = p₂ = 0.5%

Sample size of electric cars in 2012 = n₁ = 10,000

Sample size of electric cars in 2016 = n₂ = 20,000

Confidence level = 95%

Required Information:

Change in the proportion of electric cars sold from 2012 to 2016 = ?

Answer:

Change in the proportion of electric cars sold from 2012 to 2016 = (0.284%, 0.516%)

Step-by-step explanation:

The change in the mean is given by

$\mu = p_2 - p_1\\\\\mu = 0.005 -0.001\\\\\mu = 0.004\\\\$

The change in standard error is given by

$SE = z\cdot\sqrt{\frac{p_1(1 - p_1)}{n_1} + \frac{p_2(1 - p_2)}{n_2} }$

Where z is the value of z-score corresponding to 95% confidence level.

$z_{\alpha/2} = 1 - 0.95 = 0.05/2 = 0.025\\\\z_{0.025} = 1.96\\\\$

$SE = 1.96\cdot\sqrt{\frac{0.001(1 - 0.001)}{10,000} + \frac{0.005(1 - 0.005)}{20,000} } \\\\SE = 1.96\cdot 0.00059\\\\SE = 0.00116\\\\$

The change in the proportion of electric cars is

$\mu \pm SE \\\\0.004\pm 0.00116 \\\\(0.004-0.00116) \: and \: (0.004-0.00116)\\\\(0.00284, \: 0.00516)\\\\(0.284\%, \: 0.516\%)$

Therefore, we are 95% confident that the change in the proportion of electric cars sold from 2012 to 2016 is between (0.284%, 0.516%)

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4 years ago

“Fort Ross, located about 90 miles north of San Francisco, marked the southern-most limit of Russian territory in North America.

Hoochie [10]

Answer:

Yes, it supports that view because Mexico which is a country in North America did not want Russia, a European country to dominate North America. Therefore, they encouraged the American annexation of California.

Explanation:

The excerpt says that the Russians already had Fort Ross in their possession and that they were expanding as seen in their other smaller outpost which extended far into the Farallon Islands. The population was also increasing as the territory expanded. The Mexicans who are North Americans wanted to protect the territory from Russian domination.

For that reason, they encouraged the Anglo-Americans to move into California. So, this annexation of California was actually in the best long term interests of North America.

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3 years ago

What is the role of the 10th amendment in limiting the national government’s power?

UNO [17]

Answer:

The Tenth Amendment helps to define the concept of federalism, the relationship between Federal and state governments. As Federal activity has increased, so too has the problem of reconciling state and national interests as they apply to the Federal powers to tax, to police, and to regulations such as wage and hour laws, disclosure of personal information in recordkeeping systems, and laws related to strip-mining.

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4 years ago