You have a part time job that pays $4.70/hr and average tip are $3.85/hr. Your deductions are FICA (7.65%), Federal tax withholding (12.3%), and state tax withholding (8.2%). You worked 13 hr/wk. You save 15% of your realized income each week. How much do you save per month?

4.70+3.85= 8.55/hr*13= 111.15 this is as far as i can get. how do you figure the deductions in?

Question

You have a part time job that pays $4.70/hr and average tip are $3.85/hr.  Your deductions are FICA (7.65%), Federal tax withholding (12.3%), and state tax withholding (8.2%).  You worked 13 hr/wk.  You save 15% of your realized income each week.  How much do you save per month?

4.70+3.85= 8.55/hr*13= 111.15 this is as far as i can get. how do you figure the deductions in?

anonymous · Answer

so imma guess this since im not all that familiar with the deductions.
Imma assume that deductions basically are the taxes you need to pay

So we will create a formula of the total amt of deductions that you will need to give to the govt
111.15*.0765+111.15*.123+111.15*.082 = Total amt of deductions

anonymous · Answer

8.50+13.67+9.11=31.28 total of deductions. 111.15-31.28=79.87 realized income 15% goes to savings so 79.87*.15= 11.98 goes to savings each month?

anonymous · Answer

yea

anonymous · Answer

at least if i understand the question completely u r right