To determine how much you are allowed for housing and fixed expenses, we first need to calculate your total deductions from your gross pay. Here’s how to do it step-by-step:
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Calculate FICA deduction: \[ \text{FICA} = 2,759.00 \times 0.0765 = 210.48 \]
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Calculate federal withholding deduction: \[ \text{Federal Withholding} = 2,759.00 \times 0.12 = 330.84 \]
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Calculate state withholding deduction: \[ \text{State Withholding} = 2,759.00 \times 0.07 = 192.13 \]
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Calculate total deductions: \[ \text{Total Deductions} = \text{FICA} + \text{Federal Withholding} + \text{State Withholding} \] \[ \text{Total Deductions} = 210.48 + 330.84 + 192.13 = 733.45 \]
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Calculate net pay: \[ \text{Net Pay} = \text{Gross Pay} - \text{Total Deductions} \] \[ \text{Net Pay} = 2,759.00 - 733.45 = 2,025.55 \]
Assuming that the amount allowed for housing and fixed expenses comes from net pay, you would have $2,025.55 available.
However, none of the possible responses directly match this calculated amount. If you meant to determine a specific percentage or portion for housing and fixed expenses based on a certain budget guideline (like 30% of net pay), please provide that detail so I can assist further.
But based on the options you have provided, none of them seem to be correct for the calculation above.
1 answer