You are paid $10.65/hr. Your deductions are FICA (7.65%), federal tax withholding (9.9%), and state tax withholding (7.35%). You

Question

2 years ago

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You are paid $10.65/hr. Your deductions are FICA (7.65%), federal tax withholding (9.9%), and state tax withholding (7.35%). You

r housing and fixed expenses are $493.68/month. How many hours per month must you work to be sure those expenses are paid?

Mathematics

1 answer:

Rashid [163] · Answer 1 · 2022-07-17T19:41:37+03:00

You must work about 62 hours.

The total percent that you pay in taxes is 24.9%.

That means that you keep 75.1% of the money that you earn. We can write the following equation to determine the number of hours, h, that it will take to earn 493.68.

0.751(10.65)h = 493.68

Just divide by 0.751 and 10.65 and you will get the number of hours needed.