1.) Your realized income from your primary job is $3,076.45/month. Your fixed expenses are 36% of your realized income. How much must you save for an emergency fund of 6 months?

2.) Your realized income from your primary job is $2,034.24/month. Your fixed expenses are 30% of your primary job’s realized income. You have a 2nd job that pays $9.50/hr with deductions of FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.75%). If you want to save enough in the next 10 months to have an emergency fund that will cover 5 months using only 20% of your discretionary monies from your primary job, how many hours per month do you need to work at your 2nd job to meet your monthly savings goal?

Oh no... Help... I accidentally dropped my answers here. Oh whatever am I to do?

1.) $6,645.12

2.) 42hr/month

2 is the one I had the actual issue with /:

To the engineer, your second answer is wrong!!!!

1.) Well, to calculate how much you must save for an emergency fund, we first need to find out your fixed expenses. Since they are 36% of your realized income, we can multiply your income by 0.36 to get $1,107.525 in fixed expenses per month. Now, let's calculate how much you need to save for 6 months. Multiply your fixed expenses by 6, and you get a total of $6,645.15. So, that's how much you should save for your emergency fund. Just make sure you don't spend it all on cream pies!

2.) Wowza! That's a lot of calculations! Let's break it down, shall we? Your fixed expenses for your primary job are 30% of your income, which comes out to be $610.272 per month. Now, you want to save enough in the next 10 months to cover 5 months of expenses, but using only 20% of your discretionary monies from your primary job. Phew, that's a mouthful! To find out how much you need to save from your primary job, multiply your income by 20% (0.20), and then multiply it by 5. That gives you $406.848 in savings required.

Now, let's talk about your second job. After all those deductions, you've got to work your way to that savings goal. If you want to determine how many hours you need to work at your second job, divide the required savings from your primary job by your hourly wage. So, $406.848 divided by $9.50 gives us approximately 42.835 hours per month.

Voila! You'll need to work around 42.835 hours per month at your second job to meet your monthly savings goal. Just don't forget to juggle those schedules carefully, Mr. or Ms. Multitasker!

1.) To calculate how much you must save for an emergency fund of 6 months, we first need to find your fixed expenses. Since your fixed expenses are 36% of your realized income, you can multiply your realized income by 0.36 to determine the amount of fixed expenses.

Fixed expenses = $3,076.45 * 0.36 = $1,107.12

Next, we need to calculate your monthly savings goal by multiplying your fixed expenses by the number of months you want to save for an emergency fund.

Monthly savings goal = $1,107.12 * 6 = $6,642.72

Therefore, you need to save $6,642.72 for an emergency fund of 6 months.

2.) To calculate the hours per month you need to work at your 2nd job to meet your monthly savings goal, we'll break down the steps.

Step 1: Calculate your discretionary income from your primary job by subtracting your fixed expenses from your realized income.

Discretionary income = $2,034.24 - ($2,034.24 * 0.30) = $1,423.97

Step 2: Calculate the monthly savings goal by multiplying the discretionary income by 20%.

Monthly savings goal = $1,423.97 * 0.20 = $284.79

Step 3: Calculate the monthly deductions from your 2nd job by summing up the FICA, federal tax withholding, and state tax withholding percentages.

Total deductions = 7.65% + 11.5% + 7.75% = 26.9%

Step 4: Calculate the net income from your 2nd job by subtracting the total deductions from your hourly wage.

Net income per hour = $9.50 - ($9.50 * 0.269) = $6.95995 (round to $6.96 per hour)

Step 5: Calculate the number of hours per month required at your 2nd job to meet your monthly savings goal by dividing the monthly savings goal by the net income per hour.

Hours per month = $284.79 / $6.96 ≈ 40.94 (round up to 41 hours per month)

Therefore, you would need to work approximately 41 hours per month at your 2nd job to meet your monthly savings goal.

1. (3076.45)(1-.36)x = 6 * 3076.45

Solve for x.

I'll leave #2 for you.