You have direct deposit your job pays you 8.55 per hour and you work 15 hours a week your deductions are FICA 7.65% federal tax withholding 10.4% and state tax withholding 7.7% how much is deposited bi weekly
First, calculate your gross income:
8.55 x 15 = $128.25 per week
Multiply by 2 for a bi-weekly paycheck:
$128.25 x 2 = $256.50
Next, calculate your total deductions:
FICA: 7.65% of $256.50 = $19.63
Federal tax withholding: 10.4% of $256.50 = $26.67
State tax withholding: 7.7% of $256.50 = $19.74
Add up all the deductions:
$19.63 + $26.67 + $19.74 = $66.04
Subtract the total deductions from your gross income:
$256.50 - $66.04 = $190.46
So $190.46 would be deposited bi-weekly into your account through direct deposit.
You have housing and fixed expenses of 631.72 pee m9mths and they are 33% of your realized income what is your realized income per month
To find your realized income per month, you can use the following equation:
Realized income = Housing and fixed expenses / Percentage of realized income allocated to housing and fixed expenses
In this case, we are told that your housing and fixed expenses are 33% of your realized income. Therefore, we can rewrite the equation as:
Realized income = Housing and fixed expenses / 0.33
Plugging in the given value for housing and fixed expenses:
Realized income = $631.72 / 0.33
Realized income = $1,915.27
So your realized income per month is $1,915.27.
To calculate the amount that is deposited bi-weekly, we first need to calculate the gross pay, then determine the deductions, and finally subtract the deductions from the gross pay.
1. Calculate the gross pay:
The hourly rate is $8.55, and you work 15 hours a week. So, the gross pay would be:
Gross pay = Hourly rate * Hours worked per week
Gross pay = $8.55/hour * 15 hours/week = $128.25/week
2. Calculate the deductions:
FICA deduction: 7.65% of the gross pay
FICA deduction = (7.65/100) * Gross pay
Federal tax withholding: 10.4% of the gross pay
Federal tax withholding = (10.4/100) * Gross pay
State tax withholding: 7.7% of the gross pay
State tax withholding = (7.7/100) * Gross pay
3. Calculate the net pay:
Net pay = Gross pay - (FICA deduction + Federal tax withholding + State tax withholding)
Now, let's plug in the values and calculate the net pay.
FICA deduction = (7.65/100) * $128.25 = $9.81
Federal tax withholding = (10.4/100) * $128.25 = $13.34
State tax withholding = (7.7/100) * $128.25 = $9.88
Net pay = $128.25 - ($9.81 + $13.34 + 9.88)
Net pay = $128.25 - $33.03
Net pay = $95.22
So, the bi-weekly deposit will be $95.22.