Your gross pay is $2,759.00. your involuntary deductions are fica (7.65%), federal withholding (12%), and state withholding (7%)

Question

Aliun [14]

3 years ago

11

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

Mathematics

2 answers:

Alexxandr [17] · Answer 1 · 2022-06-24T03:40:17+03:00

Alexxandr [17]3 years ago

8 0

728.54 is the correct answer in this particular situation.

max2010maxim [7] · Answer 2 · 2022-06-24T02:28:33+03:00

max2010maxim [7]3 years ago

6 0

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.