You are still debating about the two different computers. If you are paid $10.00/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?
a new computer for $800.00 or a refurbished computer with the same equipment for $640.00
please add steps as well! ;)
Well, let's crunch some numbers and see if we can find a laughable solution.
For the new computer costing $800.00, you need to cover the cost after deductions. If we add up the deductions (7.65% FICA + 12% federal tax + 8% state tax), you'll be losing 27.65% of your paycheck.
Now, to determine how many hours you need to work, we'll calculate:
$800 ÷ (1 - 0.2765) ÷ $10.00/hour = approximately 103.85 hours
So, you'll have to work around 103.85 hours to afford the new computer after deductions. But keep in mind that these calculations ignore other expenses like food, shelter, and, most importantly, fun! Maybe it's time to consider a career as a computer comedian instead.
To calculate the total earnings required to pay for the new computer, we need to calculate the deductions first.
1. Calculate the total deductions:
- FICA deduction: $800.00 * 7.65% = $61.20
- Federal tax withholding: $800.00 * 12% = $96.00
- State tax withholding: $800.00 * 8% = $64.00
Total deductions = $61.20 + $96.00 + $64.00 = $221.20
2. Calculate the net earnings (earnings after deductions):
Net earnings = Earnings - Deductions
3. Calculate the net earnings required to purchase the new computer:
Net earnings required = Price of new computer + Total deductions
Net earnings required = $800.00 + $221.20 = $1021.20
4. Calculate the number of hours required to earn $1021.20:
Hourly wage = $10.00/hour
Hours required = Net earnings required / Hourly wage
Hours required = $1021.20 / $10.00 = 102.12 hours (rounded up to the nearest whole hour)
Therefore, you would need to work approximately 103 hours to pay for the new computer.
To determine how many hours you need to work to pay for the new computer, you need to calculate your take-home pay after deducting taxes and then divide the price of the computer by your hourly rate.
First, let's calculate your deductions. To do this, we need to combine the FICA, federal tax withholding, and state tax withholding percentages: 7.65% + 12% + 8% = 27.65%.
Next, we need to calculate your take-home pay after deductions. This can be done by multiplying your hourly rate by (1 - deduction percentage). In this case, it's (1 - 27.65%) = 0.7235.
So, your take-home pay is $10.00/hour * 0.7235 = $7.235/hour after deductions.
Now, to find out how many hours you need to work to earn enough for the new computer, divide the price of the computer by your hourly take-home pay rate: $800.00 / $7.235/hour ≈ 110.44 hours.
Rounding up, you would need to work approximately 111 hours to pay for the new computer.
100% - (7.65+12+8)% = 100% - 27.65% = 72.35%.
0.7235 * 10 = $7.24/h, net.
T = 800/7.24 = ___ Hours.