You are paid $8.35/hr at your party time job. Your deductions are FICA (7.65%) federal tax withholding (7.5%) your travel expenses are $6.30 per day worked you work 16 hours over a 4 day period of time what is your net income after travel expenses
First, calculate your gross income:
Gross income = $8.35/hr x 16 hours = $133.60
Next, calculate your total deductions:
FICA = 7.65% x $133.60 = $10.22
Federal tax = 7.5% x $133.60 = $10.02
Total deductions = $10.22 + $10.02 = $20.24
Subtract the total deductions from your gross income to get your taxable income:
Taxable income = $133.60 - $20.24 = $113.36
Now subtract your travel expenses:
Net income = $113.36 - ($6.30 x 4) = $87.76
Your net income after travel expenses is $87.76.