A community for students.
Here's the question you clicked on:
 0 viewing
 one year ago
6. Your primary job’s gross income is $3,468.73/month. Deductions are FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.8%). How much are your fixed expenses if they are 36% of your realized income? (1 point)
Can someone help me please?
 one year ago
6. Your primary job’s gross income is $3,468.73/month. Deductions are FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.8%). How much are your fixed expenses if they are 36% of your realized income? (1 point) Can someone help me please?

This Question is Closed

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Oh, okay, I see here. Consumer math; I can handle this lol. Just don't try to get me with calculus. :) Give me just a sec, okay?

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1Okay thank you. I have a few of these questions to do but I don't understand any of it

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Well, I can definitely help you out. First things first. "Gross income" is not actually the money you get to keep. It's the money your job is worth  and, where there is worth, there are people who want to get into some of that. That's where deductions like FICA and federal/state tax withholding come in. They take a portion of your earnings, leaving you with net income (the money you get to keep). Example: I get paid $5 an hour (sucky rates, but whatever). After three hours, I have mad $15 dollars in gross income. That's how much my work was worth. But after deductions, I am left with $11.07 as my net income. Make sense? If so, I can move onto your question. :)

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1$15 dollars lol... whoops!

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1yeah it makes sense.thi government is stealing our money lol

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Ha ha, EXACTLY!! XD Now to calculate this problem. First, you have to take your gross income and deduct the FICA, and the fed/state taxes: FICA (7.65%): 3,468.73 * .0765 = 265.36 STATE TAX (7.8%): 3,468.73 * .078 = 270.56 FED. TAX (11.5%): 3,468.73 * .115 = 398.90 __________________________________________ As you can see, I multiplied your gross income by each tax percentage. Notice that in each equation, the taxes are converted into decimals. The percentages with a single digit in front of the decimal point in percent form (Like the FICA and the State tax) have a zero in front. The fed tax has a double digit in front of the decimal in percent form, so it has no zero in decimal form. do you get this?

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1yeah I understad ho to take the deductions out. After you subtract those deductions from the original pay you'd be left with $2,533.91

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1now do to find out the fixed income how exactly do you do it? do you do$2,533.91 X .36 = $912.2076 = $912.21 ???

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Wow, what did you even need me for! :D ha ha, you just found the answer! :D

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1I wish I could give you more than one medal! :D

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1lol thanx for your help. somtimes my brain just needs someone to kick it into gear b4 it decides it wants to work lol help me with a few more?

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Ha ha, I know what you mean. Sometimes we just need a little push. :) I can maybe help you with one more; but I have to go soon. :/

KSlice
 one year ago
Best ResponseYou've already chosen the best response.19. Your fixed expenses are $1,151.65/month. You saved 4 months' worth in an emergency fund, investing 25% in a savings account at a 3.3% APR and the rest in a 60day CD at a 4.3% APR. How much total interest accrues over 60 days? (1 point)

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1there's also a queston that connects to this answer. :/

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Aw crumbs! I have to leave! Here's the rush version, Taffy style lol... For this one, you want to do the following: 1. Multiply $1,151.65 by four to get the four month's worth 2. Multiply that number by .25 to get the amount that is placed into a savings account (hint: It's going to be $1,151.65. Thank goodness this question asked us to do it in fourths already!) 3. Find out what percent of the year 60 days is. I did the calculation for you  it's 16% or .16 in decimal form. 4. Now take the money in the savings account and calculate the interest using the interest formula \[I = P*r*t\] where "I" is interest, "P" is principal (aka money), "r" is rate (in this case, 3.3% or .033 in decimal form) and "t" is time (in this case, .16 aka 60 days). 5. Now take the rest of the money, which is 75% (aka, $1,151.65 * 3) and use the same interest formula to find out how much interest will go in the CD. Make sure that for this part, "r" is represented as .043. The time will still be .16. 6. Add up the totals you will get. :) Voilá! There's your answer. :) I really hope this helps! I have to go! Have a great day! You can message me or reply to this even while I'm offline to let me know if you got this concept! :)

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1In future, you can figure out the percentage of the time of year by taking the amount of days and dividing it by the amount of days in a year (365). EX: 70 days is what percent? well, 70/365 = .19 70 days is 19% of the year. :) Tafkas out!~

KSlice
 one year ago
Best ResponseYou've already chosen the best response.1I think I got it. Th answer I got was $29.85 Thanx :)

tafkas77
 one year ago
Best ResponseYou've already chosen the best response.1Perfect! You've earned three medals by now. :) Awesome work. :)
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.