Question

a) as a student, you are able to earn extra money by assisting your neighbors with odd jobs. if you charged $10.25 an hour for your assistance, about how many hours would you need to work to earn $8,425? show your work. (5 points)
b) imagine that you earned $8,425 in one year. if the government enforces a 15% income tax, how much money would you owe in taxes at the end of the year? show your work. (5 points)
c) your parents have been advised to save 5% of their income for your college education, which would include money for housing, tuition, books, and fees. how much would your parents have saved in one year, following the recommended 5%, if they had an average household income of $48,948? show your work. (5 points)

Explanation:

Part (a)

Step1: Identify formula

To find hours, use \( \text{Hours} = \frac{\text{Total Earnings}}{\text{Hourly Rate}} \).

Step2: Substitute values

Total Earnings = $8,425, Hourly Rate = $10.25. So, \( \text{Hours} = \frac{8425}{10.25} \).

Step3: Calculate

\( \frac{8425}{10.25} = 821.9512\approx 822 \) (rounded to nearest whole number).

Step1: Identify formula

Tax Owed = Total Earnings × Tax Rate.

Step2: Substitute values

Total Earnings = $8,425, Tax Rate = 15% = 0.15. So, Tax Owed = \( 8425\times0.15 \).

Step3: Calculate

\( 8425\times0.15 = 1263.75 \).

Step1: Identify formula

Savings = Household Income × Savings Rate.

Step2: Substitute values

Household Income = $48,948, Savings Rate = 5% = 0.05. So, Savings = \( 48948\times0.05 \).

Step3: Calculate

\( 48948\times0.05 = 2447.4 \).

Answer:

Approximately 822 hours.

Part (b)