1.) Your realized income from your primary job is $3,076.45/month. Your fixed expenses are 36% of your realized income. How much must you save for an emergency fund of 6 months?

Question

2.) 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

1. (3076.45)(1-.36)x = 6 * 3076.45

Solve for x.

I'll leave #2 for you.

Answer 2

2 is the one I had the actual issue with /:

Answer 3

Oh no... Help... I accidentally dropped my answers here. Oh whatever am I to do?

1.) $6,645.12

2.) 42hr/month

Answer 4

To the engineer, your second answer is wrong!!!!