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


$51.03


$52.05


$47.92


$44.25

Respuesta :

Answer:

47.92

Step-by-step explanation:

13hrsx4weeks=52 hrs

4.7+3.85=8.55x52=$444.6

444.6(8.2%+12.3%+7.65%)=125.1549

444.6-125.1549=319.4451x15%=47.916765

Apr. 47.92

Answer:

Option C. $47.92 per month.

Step-by-step explanation:

You have a part-time job that pays = $4.70 per hour

and average tips are paid =  $3.85 per hour

Total income in one hour = $4.70 + $3.85 =  $8.55

You work 13 hours per week.

So your monthly earning would be =  13 × 4 × 8.55 = $444.60

Your deductions are FICA  (7.65%), Federal tax withholding (12.3%),

State tax withholding (8.2%)

Total tax withholding = 7.65 + 12.3 + 8.2 = 28.15%

Total deductions   = 28.15% of 444.60

                               = 0.2815 × 444.60 =  $125.15

Your realized income after deductions = 444.60 - 125.15 = $319.45

Now it is given that you save 15% of your realized income

=  15% of 319.45

=  [tex]\frac{15}{100}[/tex] × 319.45

= 0.15 × 319.45 = 47.9175 ≈ $47.92

You save $47.92 per month.