Question

Your realized income from your primary job is $2,034.24/month. Your fixed expenses are 30% of your primary job’s realized income. You have a 2nd job that pays $9.50/hr with deductions of FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.75%). If you want to save enough in the next 10 months to have an emergency fund that will cover 5 months using only 20% of your discretionary monies from your primary job, how many hours per month do you need to work at your 2nd job to meet your monthly savings goal?

Answer 1

expenses = 0.30*2034.24 = 610.27
Since both jobs are taxed, you want
10[(2034 + 9.50x)*(1-(11.5+0.775)/100) - 610.27]*0.20 = 5*610.27
double-check my figures and solve for x.

Answer 2

THANK YOU!

Answer 3

Are you tired of typing more things? Type no more!
The answer straight up is just 42hr/month.