Gross Income=3500 + 368.49=$3868.49/mo.
% Deduction=(7.65+10.75+8.35)%=26.75 %.
Bal=100% - 26.75% = 73.25% After taxes.
Net Income=0.7325 * 3868.49=$2833.67/mo
I really need help please
Your primary job’s gross income is $3,500.00/month, and your second job’s realized income is $368.49/month. Deductions are FICA (7.65%), federal tax withholding (10.75%), and state tax withholding (8.35%). How much is the income on your monthly budget?
5 answers
I do not agree with Henry because yo are looking to determine the monthly budget income which would be equal to all income after taxes. The problem states the second income is realized meaning the taxes are already accounted for. In his solution, he is adding unrealized income with realized income and deducting the taxes from unrealized again.
6 years late buddy.
Damn I was too late.
So does anyone know the correct answer?
1 answer