First, let's calculate your total earnings per week from both your job and tips.
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Total Earnings Per Hour:
- Hourly wage: $4.70
- Average tips: $3.85
- Total earnings per hour = $4.70 + $3.85 = $8.55/hr
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Total Earnings Per Week:
- You work 13 hours per week.
- Total earnings per week = Total earnings per hour × hours worked per week
- Total earnings per week = $8.55 × 13 = $111.15
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Total Deductions: Now we will calculate the total deductions:
- FICA = 7.65%
- Federal Tax withholding = 12.3%
- State tax withholding = 8.2%
- Total deduction percentage = 7.65% + 12.3% + 8.2% = 28.15%
Total deductions in dollars:
- Total deductions = Total earnings per week × Total deduction percentage
- Total deductions = $111.15 × 0.2815 = $31.31 (approximately rounded to two decimal places)
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Net Income After Deductions:
- Net Income = Total earnings per week - Total deductions
- Net Income = $111.15 - $31.31 = $79.84
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Amount Saved: You save 15% of your realized income each week.
- Savings per week = Net Income × 15%
- Savings per week = $79.84 × 0.15 = $11.98 (rounded to two decimal places)
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Savings Per Month:
- There are typically about 4 weeks in a month.
- Savings per month = Savings per week × 4
- Savings per month = $11.98 × 4 = $47.92
Therefore, you save approximately $47.92 per month.