start off with the gross.
12 hrs @ 7.45/hr = 89.40
I will assume that you deduct your expenses before taxes. In that case, the taxable income is
89.40 - 3*5.70 = 72.30
Now for the tax bite. Total tax rate is
.0765 + .1065 + .057 = .24
tax is thus .24*72.30 = 17.35
Subtract that, and your net income is
72.30-17.35 = 54.95
You could do it all in an equation, but it's easier to see by steps. In an algebraic expression, that would be
(12*7.45-3*5.70)(1-(.0765+.1065+.057)) = 54.95
You are paid $7.45/hr at your part-time job. Your deductions are FICA (7.65%), federal tax withholding (10.65%), and state tax withholding (5.7%). Your travel expenses are $5.70 per day worked. You work 12 hours over a 3-day period of time. What is your net income after travel expenses? I am just a little confused how to set up the equation to this?
6 answers
50.84 for anyone still needing this answer
Source- Just took the test
Source- Just took the test
its 50.82 not .84
It's either $54.95 or $50.82
Your travel expenses are $5.70/day, multiply by the 3 days you worked and you get $17.10.
We are going to do deductions FIRST!
Your deductions are 24% so your salary is $5.66/hr (7.45*.76) after deductions. (WE ROUND TO THE NEAREST CENT, DO NOT CARRY THE .002.)
$5.66 multiplied by 12(the hours you worked) gets you $67.92 before your travel expenses.
Subtract by $17.10 for travel and you get $50.82
We are going to do deductions FIRST!
Your deductions are 24% so your salary is $5.66/hr (7.45*.76) after deductions. (WE ROUND TO THE NEAREST CENT, DO NOT CARRY THE .002.)
$5.66 multiplied by 12(the hours you worked) gets you $67.92 before your travel expenses.
Subtract by $17.10 for travel and you get $50.82
Felix pen is correct!
50.82
50.82
3 answers