Can someone PLEASE help me with this problem???!!!!!!
36.
You earn $17.50/hr and work 40 hr/wk. Your deductions are FICA (7.65%), federal tax withholding (12.3%), and state tax withholding (6.2%). Your housing and fixed expenses are 30% of your realized income per month. You want to save 5 months' worth in an emergency fund within a year. How much do you need to save per month to fund the emergency fund, and how much discretionary money remains per month?

Question

Can someone PLEASE help me with this problem???!!!!!!
36.
You earn $17.50/hr and work 40 hr/wk. Your deductions are FICA (7.65%), federal tax withholding (12.3%), and state tax withholding (6.2%). Your housing and fixed expenses are 30% of your realized income per month. You want to save 5 months' worth in an emergency fund within a year. How much do you need to save per month to fund the emergency fund, and how much discretionary money remains per month?

anonymous · Answer

find monthly income...  find 5 times that amount.. divide by 12

anonymous · Answer

that's how much you need to save per month

anonymous · Answer

subtract the deductions from your monthly income...

anonymous · Answer

subtract the payments into savings from what remains... that's your discretionary amount.

anonymous · Answer

any questions about any of those steps?