Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

barrelracer23

  • 3 years ago

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?

  • This Question is Closed
  1. Algebraic!
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  2. Algebraic!
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    that's how much you need to save per month

  3. Algebraic!
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    subtract the deductions from your monthly income...

  4. Algebraic!
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

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

  5. Algebraic!
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    any questions about any of those steps?

  6. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy