You get a part time job earning $8.60/hr. Tips are $3.25/hr on average. Deductions are FICA (7.65%), federal tax withholding (11.2%), and state tax withholding (7.45%). You work for 15 hours. What is your gross base pay?
Your gross base pay would be:
$8.60/hr * 15 hours = $129 base pay
To calculate the total amount of tips earned, you would use:
$3.25/hr * 15 hours = $48.75 in tips
To calculate the total amount of FICA, federal tax, and state tax deductions, you would use:
($129 + $48.75) * (0.0765 + 0.112 + 0.0745) = $42.73 in deductions
To calculate your net pay, you would subtract the deductions from the total earned:
$129 + $48.75 - $42.73 = $135.02 net pay
Therefore, your gross base pay is $129.
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You are paid $9.25/hr at your party time job. You work 12 hours per week. You are considering working a part time job for $5.90/hr that also pays tips. You will earn an average of $4.20/hr in tips. If you work the same 12 hours at the new job how much more is your total gross income including tips compared to your old job
First, let's calculate your gross income from your old job:
$9.25/hr * 12 hours = $111 base pay
We know that you don't receive any tips from this job, so your gross income is just your base pay.
Next, let's calculate your gross income from the new job, including tips:
$5.90/hr * 12 hours = $70.80 base pay
$4.20/hr * 12 hours = $50.40 in tips
Total gross income from new job = $70.80 + $50.40 = $121.20
Therefore, the difference in gross income between your old and new jobs, including tips, is:
$121.20 - $111 = $10.20
So, your gross income (including tips) would be $10.20 more per week if you took the new job.