PLEASE HELP IM DESPERATE
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?
impatient much?
Have you tried solving this while waiting for help?
Repeated posts are just annoying.
I have tried solving it and obviously can’t get any real help from anyone on here so I’m reposting it to boost visibility. Someone piss in your Cheerios today?
see, that's the problem. You post a question. No one happens to be watching just now, so you wait two or three minutes and post it again.That will not force anyone to the computer to see what is up. It just annoys those who do help when they can. now they have to open up what they think is a new post, only to find that it is just a rehash of another one, just a few minutes old!
Any homework you get is going to look a lot like something you have already studied. Saying you are clueless just means you don't want to study the material.
At the very least, say why the question confuses you, what thoughts you have tried to solve it -- something, dang it! This does look confusing at first, but you just have to relate it to what you already know.
gross pay, deductions, and so forth.
Ok anon since you are clearly over the age of 40 and don’t understand how bumping algorithm works on the internet, I’ll forgive your cluelessness. But maybe reconsider your life a bit, seeing as how your Saturday night hobby seems to revolve around bullying middle schoolers on here. Get some help.
Rude, lazy child.
To determine the number of hours you need to work at your 2nd job to meet your monthly savings goal, let's break down the problem step by step:
Step 1: Calculate your fixed expenses
Your fixed expenses are 30% of your primary job's realized income. To find this value, multiply your primary job's realized income by 30%:
Fixed expenses = $2,034.24 * 0.3 = $610.27
Step 2: Calculate your discretionary income
Discretionary income is the amount of money you have left after deducting your fixed expenses from your primary job's realized income.
Discretionary income = Primary job's realized income - Fixed expenses
Discretionary income = $2,034.24 - $610.27 = $1,423.97
Step 3: Determine how much of your discretionary income you want to save per month
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 income from your primary job.
Monthly savings goal = 20% of discretionary income
Monthly savings goal = 0.2 * $1,423.97 = $284.79
Step 4: Calculate the hourly rate needed at the 2nd job
To calculate the number of hours you need to work at your 2nd job, we first need to determine your net take-home income per hour after deductions. The deductions are FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.75%).
Net take-home income per hour = Hourly rate - (Hourly rate * (FICA + federal tax withholding + state tax withholding))
Net take-home income per hour = Hourly rate - (Hourly rate * (0.0765 + 0.115 + 0.0775))
Net take-home income per hour = Hourly rate - (Hourly rate * 0.269)
Step 5: Calculate the number of hours needed at the 2nd job
Now, let's solve for the number of hours needed at the 2nd job by dividing the monthly savings goal by the net take-home income per hour:
Number of hours needed = Monthly savings goal / Net take-home income per hour
Number of hours needed = $284.79 / (Hourly rate - (Hourly rate * 0.269))
Since the hourly rate at your 2nd job is given as $9.50/hr, substitute this value into the equation to find the number of hours needed:
Number of hours needed = $284.79 / ($9.50 - ($9.50 * 0.269))
Number of hours needed = $284.79 / ($9.50 - $2.56475)
Number of hours needed = $284.79 / $6.93525
Finally, divide the monthly savings goal by the net take-home income per hour to get the number of hours needed to meet your savings goal:
Number of hours needed = $41.08
Therefore, you would need to work approximately 41.08 hours per month at your 2nd job to meet your monthly savings goal.