Question
Your gross pay is $1,935.00. Your involuntary deductions are FICA (7.65%), federal withholding (13%), and state withholding (9%). How much are you allowed for housing and additional debt payments?
Answers
GPT-4o mini
To determine how much you are allowed for housing and additional debt payments, we first need to calculate your total involuntary deductions from your gross pay.
1. **Calculate each deduction**:
- **FICA**: \( 1,935.00 \times 0.0765 = 147.52 \)
- **Federal Withholding**: \( 1,935.00 \times 0.13 = 251.55 \)
- **State Withholding**: \( 1,935.00 \times 0.09 = 174.15 \)
2. **Total deductions**:
- \( 147.52 + 251.55 + 174.15 = 573.22 \)
3. **Net pay calculation**:
- \( 1,935.00 - 573.22 = 1,361.78 \)
Your net pay, which is the amount you have left after involuntary deductions, is **$1,361.78**. This is the amount you are allowed for housing and additional debt payments.
1. **Calculate each deduction**:
- **FICA**: \( 1,935.00 \times 0.0765 = 147.52 \)
- **Federal Withholding**: \( 1,935.00 \times 0.13 = 251.55 \)
- **State Withholding**: \( 1,935.00 \times 0.09 = 174.15 \)
2. **Total deductions**:
- \( 147.52 + 251.55 + 174.15 = 573.22 \)
3. **Net pay calculation**:
- \( 1,935.00 - 573.22 = 1,361.78 \)
Your net pay, which is the amount you have left after involuntary deductions, is **$1,361.78**. This is the amount you are allowed for housing and additional debt payments.