You have a part-time job that pays $4.75/hr with tips averaging $4.50/hr. Your deductions are FICA (7.65%), federal tax withhold ing (12.5%), and state tax withholding (6.85%). You work 20 hours per week. You want to save $40.00/wk. How much is left of your discretionary income per week?
1 answer:
Answer:
$95.05
Step-by-step explanation:
The job pays 4.75 per hour and he also collects tips averaging 4.50 per hour.
This means that in 20 hours he will have up to__ since he works 20 hours per week
(4.75 + 4.50) × 20
= $185
FICA deductions = 7.65/100 x 185
= $14.1525
FTW = 12.5/100 × 185
= $23.125
STW = 6.85/100 × 185
= $12.6725
Total amount of all 3 deductions
= $49.95
And remember that he also has to save $40 per week
The discretionary income left with him be
185 -(49.95 + 40)
185 - 89.95
= $95.05
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