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K-Slice Group Title

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
  • one year ago

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  1. K-Slice Group Title
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    @tafkas77

    • one year ago
  2. tafkas77 Group Title
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    Oh, 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?

    • one year ago
  3. K-Slice Group Title
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    Okay thank you. I have a few of these questions to do but I don't understand any of it

    • one year ago
  4. tafkas77 Group Title
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    Well, 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. :)

    • one year ago
  5. tafkas77 Group Title
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    $15 dollars lol... whoops!

    • one year ago
  6. K-Slice Group Title
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    yeah it makes sense.thi government is stealing our money lol

    • one year ago
  7. tafkas77 Group Title
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    Ha 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?

    • one year ago
  8. K-Slice Group Title
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    yeah 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

    • one year ago
  9. tafkas77 Group Title
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    Awesome. :D

    • one year ago
  10. K-Slice Group Title
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    now 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 ???

    • one year ago
  11. tafkas77 Group Title
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    Wow, what did you even need me for! :D ha ha, you just found the answer! :D

    • one year ago
  12. tafkas77 Group Title
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    I wish I could give you more than one medal! :D

    • one year ago
  13. K-Slice Group Title
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    lol 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?

    • one year ago
  14. K-Slice Group Title
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    :D

    • one year ago
  15. tafkas77 Group Title
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    Ha 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. :/

    • one year ago
  16. K-Slice Group Title
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    alrigties thanx :)

    • one year ago
  17. tafkas77 Group Title
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    No problem! :)

    • one year ago
  18. K-Slice Group Title
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    9. 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 60-day CD at a 4.3% APR. How much total interest accrues over 60 days? (1 point)

    • one year ago
  19. K-Slice Group Title
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    there's also a queston that connects to this answer. :/

    • one year ago
  20. tafkas77 Group Title
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    Aw 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! :)

    • one year ago
  21. tafkas77 Group Title
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    In 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!~

    • one year ago
  22. K-Slice Group Title
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    I think I got it. Th answer I got was $29.85 Thanx :)

    • one year ago
  23. tafkas77 Group Title
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    Perfect! You've earned three medals by now. :) Awesome work. :)

    • one year ago
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