Question

You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%)
1) Assuming you budget a month as 4 weeks, how much is your total realized income, fixed expenses, and discretionary expenses.
2) If you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month?
3) How much can you put towards savings each month if you eliminated your discretionary expenses?


Please help! Graduation is at steak!

Answer 1

Graduation is at steak! I believe you meant Graduation is at stake!

Answer 2

maybe its a BBQ graduation

Answer 3

add up all of your deductions so you know how much is being withheld

Answer 4

a donkey BBQ

Answer 5

11.75 times 40 would be a beginning

Answer 6

then take that number and multiply it to your deductions (make sure you write the percents to a decimal so 7.65 is .0765

Answer 7

that will be the number of money Uncle Sam likes to hold on to for us, until whenever he decides to give or not give back

Answer 8

11.75 times 1.5 is your overtime wage (but I don't think anyone is paying overtime since the economy is so bad)

Answer 9

calculate your income....

11.75 x 40 = $A

FICA = $A x 0.0765

Federal Tax = $A x 0.1075

State tax = $A x 0.75

this will be based on 1 week...

multiply each value by 4 for the 4 week amounts.

Answer 10

overtime

Hourly rate x hours x multipling factor

20 x 11.95 x 1.5 = $O

you'll need to do the calculations.

Answer 11

good job campbell_st, we will let you graduate...........