Question
Tine will be working at the municipal swimming pool as a lifeguard this summer. She will earn $1,000 per month (a total of $3,00 for the whole summer). Tina does not plan to work any other jobs this year Answer the questions: What is Tina's gross annual income (GAI)?
Tina's total paycheck deductions are listed below. Add these amounts together to determine her total paycheck deductions for three months.
$255.90 federal income tax (summer total)
$114.00 state income tax (summer total)
$186.00 social security, or FICA (summer total)
$43.50 Medicare tax (Summer total)
What is tina's gross monthly income for each of the summer months (GMI)?
What is Tina's net monthly income for each of the summer months (NMI)?
Tina's total paycheck deductions are listed below. Add these amounts together to determine her total paycheck deductions for three months.
$255.90 federal income tax (summer total)
$114.00 state income tax (summer total)
$186.00 social security, or FICA (summer total)
$43.50 Medicare tax (Summer total)
What is tina's gross monthly income for each of the summer months (GMI)?
What is Tina's net monthly income for each of the summer months (NMI)?
Answers
GPT-4o mini
Let's break down the information provided to answer your questions:
1. **Tina's Gross Annual Income (GAI)**:
- Tina earns $1,000 per month for 3 months.
- GAI = Monthly Income × 12 months = $1,000 × 12 = $12,000.
2. **Calculating total paycheck deductions for three months**:
- Federal income tax: $255.90
- State income tax: $114.00
- Social Security (FICA): $186.00
- Medicare tax: $43.50
Now, let's add these amounts together:
Total deductions = $255.90 + $114.00 + $186.00 + $43.50 = $599.40.
3. **Tina's Gross Monthly Income (GMI)** for each of the summer months:
- GMI (individual month) = $1,000.
4. **Tina's Net Monthly Income (NMI)** for each of the summer months:
- We first need to calculate the monthly deductions. Since the total deductions for the summer are $599.40 for 3 months, we can find the monthly deduction by dividing by 3:
- Monthly deductions = Total Deductions / Number of Months = $599.40 / 3 = $199.80.
Now we can calculate NMI:
- NMI = GMI - Monthly Deductions = $1,000 - $199.80 = $800.20.
### Summary:
- Tina's Gross Annual Income (GAI): **$12,000**.
- Total paycheck deductions for three months: **$599.40**.
- Tina's Gross Monthly Income (GMI): **$1,000**.
- Tina's Net Monthly Income (NMI): **$800.20**.
1. **Tina's Gross Annual Income (GAI)**:
- Tina earns $1,000 per month for 3 months.
- GAI = Monthly Income × 12 months = $1,000 × 12 = $12,000.
2. **Calculating total paycheck deductions for three months**:
- Federal income tax: $255.90
- State income tax: $114.00
- Social Security (FICA): $186.00
- Medicare tax: $43.50
Now, let's add these amounts together:
Total deductions = $255.90 + $114.00 + $186.00 + $43.50 = $599.40.
3. **Tina's Gross Monthly Income (GMI)** for each of the summer months:
- GMI (individual month) = $1,000.
4. **Tina's Net Monthly Income (NMI)** for each of the summer months:
- We first need to calculate the monthly deductions. Since the total deductions for the summer are $599.40 for 3 months, we can find the monthly deduction by dividing by 3:
- Monthly deductions = Total Deductions / Number of Months = $599.40 / 3 = $199.80.
Now we can calculate NMI:
- NMI = GMI - Monthly Deductions = $1,000 - $199.80 = $800.20.
### Summary:
- Tina's Gross Annual Income (GAI): **$12,000**.
- Total paycheck deductions for three months: **$599.40**.
- Tina's Gross Monthly Income (GMI): **$1,000**.
- Tina's Net Monthly Income (NMI): **$800.20**.