Read Chapters 5,6,7 in the text, view the Power Points and other material in the Content tab.
Then answer the following questions:
1. Figure Wayne’s paycheck amount for this week: See Chapter 5. Include your figures for each step. (20 points)
He worked 25 hours at $15.00 per hour which is ______?
His federal income tax withholding is $45.00. HIs state income tax withholding is $128.55. FICA is 6.20%. Medicare is 1.45%.
What is the net amount of Wayne’s check? __________?
2. Create a Budget Worksheet. See Chapter 6. (30 points)
Using yourself or someone you know (no names necessary), prepare a one-month work sheet budget. The Sample Budget appears in the Module 4 section. Make sure you have a final figure for your net income for both your expected amount and your actual amount. Be sure to use Microsoft word or excel to submit the budget.
Answer the following questions (10 points each):
1. When are you most likely to need a cashier’s check?
2. Hannah is selling her car on Craig’s list. The buyer offered her a good price and was going to give her a personal check. What should she do?
3. Which is the safest for the consumer, the charge card or the debit card? Why?
4. Ted has a checking account that charges $5 per month for 10 checks. After that, the fee is $.25 per check. This month Ted wrote 28 checks. What is cost for the month?
5. If you made $12 per hour this year and were given a cost of living increase of 2%, what would you now make in a week if your worked an average of 30 hours per week.
Submit your work in the dropbox by the due date.