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?

Question

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?

Answer 1

Are you tired of typing more things? Type no more!

The answer straight up is just 42hr/month.

Answer 2

expenses = 0.30*2034.24 = 610.27

Since both jobs are taxed, you want
10[(2034 + 9.50x)*(1-(11.5+0.775)/100) - 610.27]*0.20 = 5*610.27
double-check my figures and solve for x.

Answer 3

THANK YOU!

Answer 4

To find out how many hours per month you need to work at your 2nd job to meet your monthly savings goal, we first need to calculate your fixed expenses, discretionary income, and monthly savings goal.

Step 1: Calculate fixed expenses.
Your fixed expenses are 30% of your primary job's realized income.
Fixed expenses = 30% * $2,034.24
Fixed expenses = $610.27/month

Step 2: Calculate discretionary income.
Discretionary income is the remaining income after deducting fixed expenses from the primary job's realized income.
Discretionary income = $2,034.24 - $610.27
Discretionary income = $1,423.97/month

Step 3: Calculate monthly savings goal.
Your monthly savings goal is 20% of your discretionary income.
Monthly savings goal = 20% * $1,423.97
Monthly savings goal = $284.79/month

Step 4: Calculate the hourly rate required to meet the monthly savings goal.
To determine the hourly rate, we need to consider the deductions from your 2nd job.
Total deductions = FICA (7.65%) + federal tax withholding (11.5%) + state tax withholding (7.75%)
Total deductions = 7.65% + 11.5% + 7.75%
Total deductions = 26.9%

After deductions, you will keep 100% - 26.9% = 73.1% of your hourly wage.

Given that you want to save $284.79 per month, the equation becomes:
Hourly wage * hours worked = $284.79

Let's assume the number of hours worked per month is represented by H.

Hourly wage * H = $284.79
Hourly wage = $284.79 / H

But we also need to consider the deductions.

Hourly wage * H * (1 - 26.9%) = $284.79
(1 - 0.269) * Hourly wage * H = $284.79
0.731 * Hourly wage * H = $284.79
Hourly wage * H = $284.79 / 0.731
H = $284.79 / (0.731 * Hourly wage)

So, to calculate the number of hours worked per month, we need the hourly wage from your 2nd job, which is missing from the given information. Once you have the hourly wage, you can use the equation above to find the number of hours needed to meet your monthly savings goal.