I really need help please
Your primary job’s gross income is $3,500.00/month, and your second job’s realized income is $368.49/month. Deductions are FICA (7.65%), federal tax withholding (10.75%), and state tax withholding (8.35%). How much is the income on your monthly budget?
To calculate the income on your monthly budget, you need to consider the gross income from your primary job and second job, and then subtract the deductions.
1. Calculate the deductions:
- FICA: Multiply the gross income by 7.65% (0.0765) to find the amount deducted for FICA.
- Federal tax withholding: Multiply the gross income by 10.75% (0.1075) to find the amount deducted for federal tax withholding.
- State tax withholding: Multiply the gross income by 8.35% (0.0835) to find the amount deducted for state tax withholding.
2. Subtract the deductions from the gross income:
- Add the deductions from step 1 together.
- Subtract the total deductions from the sum of your primary job's gross income and second job's realized income.
Let's calculate:
1. Deductions:
- FICA: $3,500.00 x 0.0765 = $267.75
- Federal tax withholding: $3,500.00 x 0.1075 = $376.25
- State tax withholding: $3,500.00 x 0.0835 = $292.25
2. Income on your monthly budget:
- Total deductions = $267.75 + $376.25 + $292.25 = $936.25
- Income on your monthly budget = ($3,500.00 + $368.49) - $936.25 = $2,932.24
Therefore, the income on your monthly budget is $2,932.24.