please help!
You are paid $7.45/hr at your part-time job. Your deductions are FICA (7.65%), federal tax withholding (10.65%), and state tax withholding (5.7%). Your travel expenses are $5.70 per day worked. You work 12 hours over a 3-day period of time. What is your net income after travel expenses?
I don't get this
^ he’s wrong
did u ever get this
To calculate your net income after deducting travel expenses, we'll need to follow a few steps:
Step 1: Calculate your total earnings before deductions.
The hourly rate is $7.45, and you worked 12 hours over 3 days. So, your total earnings before deductions can be calculated as follows:
Total earnings = Hourly rate * Number of hours worked
Total earnings = $7.45/hr * 12 hrs = $89.40
Step 2: Calculate the total deductions.
There are three types of deductions: FICA, federal tax withholding, and state tax withholding. To calculate each deduction, we need to multiply your total earnings by the corresponding percentage.
a) FICA deduction:
FICA deduction = Total earnings * FICA percentage
FICA percentage = 7.65% = 0.0765
FICA deduction = $89.40 * 0.0765 = $6.8351
b) Federal tax withholding:
Federal tax withholding = Total earnings * federal tax withholding percentage
Federal tax withholding percentage = 10.65% = 0.1065
Federal tax withholding = $89.40 * 0.1065 = $9.5121
c) State tax withholding:
State tax withholding = Total earnings * state tax withholding percentage
State tax withholding percentage = 5.7% = 0.057
State tax withholding = $89.40 * 0.057 = $5.1006
Step 3: Calculate the total travel expenses.
The travel expenses are $5.70 per day worked, and you worked for 3 days. So, the total travel expenses can be calculated as follows:
Total travel expenses = Travel expenses per day * Number of days worked
Total travel expenses = $5.70/day * 3 days = $17.10
Step 4: Calculate your net income.
Net income can be obtained by subtracting the total deductions and the travel expenses from your total earnings.
Net income = Total earnings - Total deductions - Total travel expenses
Net income = $89.40 - $6.8351 - $9.5121 - $5.1006 - $17.10
Net income = $89.40 - $6.8351 - $9.5121 - $5.1006 - $17.10
Net income = $89.40 - $39.58
Net income = $49.82
Therefore, your net income after deducting travel expenses is $49.82.