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ANSWERS!!!

Step 1:
10.25/ 8,425= 821.95 rounded up to 822 hrs worked to earn 8,425
A- If annual income is $8,425 and the tax rate is 15%,
Annual Tax would be 15% of $8,425
=15/100 x $ 8425
=0.15 x 8, 425
=$1, 263.75

A-Find 5% of average household income to find the savings of your parents in one year.
Savings of your parents in one year: $48,948 x 5/100
Savings of your parents in one year: $48,948 x 0.05
Savings of your parents in one year: $2447.40
A- $17.99 * 0.2 = $3.60 (amount taken off for each shirt)
$17.99 - $3.60 = $14.39 (per shirt)
40 / 14.39 = 2.779 (round to 3)
You'd have to buy 3 shirts in order to use your coupon.
($14.39 * 3 = $43.17, in order to get $10 off you'd need to spend at least $40)

A-After the coupon is taken off and the tax is applied you’d be paying a total of $40.32 and be saving 13.65

Step 2:
A- Expense
Fixed or Variable Expense?
Average Monthly Cost
Yearly Cost
Percent of Yearly Budget (Rounded)
Income Tax
Fixed
$400
$4,800

Housing
$950
$950
$11,400
23.3%
Food
$650
$7,800
$7,800
16%
Clothing
Variable
$75
$900
1.8%
Transportation
Fixed
$500
$6,000
12.3%
Insurance & Medical
Variable
$1,200
$14,400
29.5%
Entertainment
Variable
$100
$1,200
2.5%
Emergency Fund
Fixed
$50
$600
1.2%
Savings for College
Fixed
$50
$600
1.2%
Savings for Retirement
Fixed
$100
$1,200
%
Total
$4,075
$48,900
100%
A- Examples of variable costs are labor and raw materials, which go up or down depending on how much is produced.
Examples of fixed costs are things like rent and insurance which stay the same every month regardless of production levels.
A- Fixed costs are those that do not depend on the level of production of a company and whose only way to avoid them is to close the company. For example, the cost of renting the plant or machinery.
Step 3:
A- Full-time worker minimum monthly income = US$ 7,846.40
Part-time worker minimum monthly income = US$ 7,846.40
Full-time worker hourly wage = US$ 49.04
Part-time worker hourly wage = US$ 98.08
Monthly costs of a 2-adult and 3-children family in the Modesto metro area = US$ 7,846
Full-time worker = 4 weeks of 40-hour per month
Part-time worker = 2 weeks of 40-hour per month
Full-time worker hourly wage = Monthly costs/160
Part-time worker hourly wage = Monthly costs/80
Full-time worker hourly wage = 7,846/160
Part-time worker hourly wage = 7,846/80
Full-time worker hourly wage = US$ 49.04
Part-time worker hourly wage = US$ 98.08
Full-time worker minimum monthly income = Hourly wage * 160
Part-time worker minimum monthly income = Hourly wage * 80
Full-time worker minimum monthly income = US$ 7,846.40
Part-time worker minimum monthly income = US$ 7,846.40
A-as a child is increased there is more income as well as expenditure..May be expenditure will be more at first but gain will be later