You are still debating about the two different computers. If you are paid $15.00/hour and your deductions are FICA (7.65%), federal tax withholding (12%), and state tax withholding (8%), how many hours do you have to work to pay for the new computer? Be sure to include the following in your response: The answer to the original question. The mathematical steps for solving the problem demonstrating mathematical reasoning.
well, without knowing the prices, it's hard to say. However, your net pay per hour is
15(1-.0765-.12-.08) = $10.8525
To determine the number of hours you need to work to pay for the new computer, we first need to calculate the amount of money you will have after deductions.
Let's start with your hourly wage of $15.00.
1. Subtract the FICA deduction:
FICA deduction = 7.65% of $15.00
= 0.0765 * $15.00
= $1.1475
Hourly wage after FICA deduction = $15.00 - $1.1475 = $13.8525
2. Subtract the federal tax withholding:
Federal tax withholding = 12% of $13.8525
= 0.12 * $13.8525
= $1.6623
Hourly wage after federal tax withholding = $13.8525 - $1.6623 = $12.1902
3. Subtract the state tax withholding:
State tax withholding = 8% of $12.1902
= 0.08 * $12.1902
= $0.9752
Hourly wage after state tax withholding = $12.1902 - $0.9752 = $11.215
Now, let's calculate how many hours you need to work to pay for the new computer.
Let's say the cost of the new computer is $1000.
4. Divide the cost of the computer by the hourly wage after all deductions:
Hours worked = $1000 / $11.215
Using a calculator or long division, we find that:
Hours worked ≈ 89.17
Rounding up to the nearest whole number, you would need to work approximately 90 hours to pay for the new computer.
To determine the number of hours you need to work to pay for the new computer, we first need to calculate the total deductions from your hourly wage. Then, we'll subtract the deductions from your hourly wage to find the net hourly wage. Finally, we divide the price of the computer by the net hourly wage to find the number of hours needed.
Step 1: Calculate the total deductions
Total deductions = FICA + federal tax withholding + state tax withholding
Given:
FICA = 7.65% = 0.0765
Federal tax withholding = 12% = 0.12
State tax withholding = 8% = 0.08
Total deductions = 0.0765 + 0.12 + 0.08 = 0.2765
Step 2: Calculate the net hourly wage
Net hourly wage = Hourly wage - Total deductions
Given:
Hourly wage = $15.00
Net hourly wage = $15.00 - ($15.00 × 0.2765) = $15.00 - $4.148 = $10.852
Step 3: Calculate the number of hours needed to pay for the computer
Number of hours = Price of computer / Net hourly wage
Given:
Price of computer = (not mentioned)
Let's assume the price of the computer is $1000.00.
Number of hours = $1000.00 / $10.852 ≈ 92.07
Therefore, you would need to work approximately 92.07 hours to pay for the new computer, assuming a price of $1000.00.
Note: If the price of the computer is different, you can substitute it into the calculation to get the accurate result.