andreyveritas Posts: 32, Reputation: 0 Junior Member #1 Jul 15, 2013, 03:03 PM
Math - Word Problem?
I have answers for some of them. But, not sure if they are correct.

1) Roberts Department Store marks up its sundries by 28% on the selling price. If a 6.4 ounce tube of toothpaste costs \$1.65, what will the selling price be? Round to nearest cent. Show dollar sign in answer.

1.28(1.65) = \$2.11 (\$2.10)

2) Question: Toll's Variety Store sells an alarm clock for \$14.75. The alarm clock cost Toll \$9.90. What is the markup amount as a percent of cost? Round to nearest whole percent. Include percent sign (%) in answer.

(14.75 - 9.90)/9.90 = 49% (50)

3) Question: Calculate the markup based on cost. (round to the nearest cent). Cost is \$425, Markup (percent of cost) is 30%. Include dollar sign and decimal in answer. Round to nearest cent.

1.30(425) = \$552.50

4) Ed's Print Shop received a \$4,000 invoice dated May 12. Terms were 3/10, 1/15, n/60. On May 24, Ed's Print Shop sent a \$1,900 partial payment. What credit should Ed's Print Shop receive? Include dollar sign and comma in answer. Do not include a decimal point in the answer.

\$2,100

5) C. Pratt has earned \$96,000 so far this year. This week she earned \$3,500. Find her FICA Social Security deduction. (Social Security only, not medicare). Social Security base is \$97,500. Social Security rate is 6.2%. Round to nearest cent. Show dollar sign in answer.

.062(97,500) = \$6,045

6) C. Pratt has now earned \$99,500 for the year, so far. Next week she earns \$1,050. What will be her total FICA deduction (Social Security and Medicare combined). Social Security base is \$97,500. Social Security rate is 6.2%. Medicare rate is 1.45%. Round to nearest cent. Show dollar sign in answer.

.062(97,500) + .0145(100,550) = \$7,502.98

7) Fisher Equipment is selling a Wet/Dry Shop Vac for \$49.97. If Fisher's markup is 40% of the selling price, what is the cost of the Shop Vac? Round to nearest cent. Include dollar sign in answer.

49.97/1.4 = \$35.69 = (\$35.70)

8) Complete the following payroll register. Calculate FIT by the percentage method for this weekly period; Social Security rate is 6.2% on base of \$97,500; Medicare rate is 1.45%with no base. Jim will not reach the maximum for FICA. Employee Jim Daley is married and claims 2allowances. His Gross Pay for this pay period is \$1,400

\$1,058.30

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