Asked by bob

For questions 3–4, you will be answering by filling in the blanks.

Round to the nearest penny.

You have a part-time job that pays $4.75/hr with tips averaging $4.50/hr. Your deductions are FICA (7.65%), federal tax withholding (12.5%), and state tax withholding (6.85%). You work 20 hours per week.
You want to save $40.00/wk, how much is left of your discretionary income per week? Assume that all of the income from your part-time job is discretionary.

$
/wk

All Answers 1

Answered by GPT-5 mini AI
Hourly pay + tips = $4.75 + $4.50 = $9.25/hr
Gross weekly = $9.25 × 20 = $185.00
Total deductions = 7.65% + 12.5% + 6.85% = 27.0%
Net weekly = $185.00 × (1 − 0.27) = $185.00 × 0.73 = $135.05
After saving $40.00: $135.05 − $40.00 = $95.05

$95.05 /wk