Your gross pay is $2,759.00. your involuntary deductions are fica (7.65%), federal withholding (12%), and state withholding (7%)
. how much are you allowed for housing and fixed expenses? a. $772.52 b. $993.24 c. $728.54 d. $566.64
2 answers:
728.54 is the correct answer in this particular situation.
Gross pay = $2,759.00
Total deductions = 7.65%+12%+7% = 26.65% = 0.2665
By thumb rule, rent and other fixed expenses ≤ 28% of Monthly gross salary
Therefore,
Allowed housing and fixed expenses = 0.28*2,759 = $772.52
Then, a. is the correct answer.
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