There's a chart for it and I'll give medals.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

Question

There's a chart for it and I'll give medals.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

anonymous · Answer

Is this an economics class? Because these terms aren't for general math :P if you have a glossary or whatever to give me the definitions for "realized income" "fixed expenses" and "discretionary expenses" I can (hopefully) help you.