scorpionX
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1.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?


2.Your fixed expenses are $1,035.65/month and are 36% of your realized income. use proportions to compute the realized income on your budget.

Respuesta :

jushmk
Part 1
Total income per month = $3,500+$368.49 = $3,868.49
Total deductions = 7.65%+10.75%+8.35% = 26.75% = 0.2675

Net income = Total income - Deductions = Total deductions (1-0.2675) = $3,868.49 (1-0.2675) = $2,833.67

Part 2
Fixed expenses = $1,035.65 which is 36% of realized income.

Then, if realized income is 100%;
$1,035.65 ------------------ 36%
$ Realized income ----- 100%
Therefore,
Realized income = 1,035.65*100/36 = $2,876.81
francocanacari

1- The income on your monthly budget is $ 2,833.66.

2- The realized income on your budget is $ 2,876.80.

1) Since your primary job's gross income is $ 3,500.00 / month, and your second job's realized income is $ 368.49 / month, while deductions are FICA (7.65%), federal tax withholding (10.75%), and state tax withholding (8.35%), To determine how much is the income on your monthly budget, the following calculation must be performed:

  • (3500 + 368.49) - ((3500 + 368.49) x (0.0765 + 0.1075 + 0.0835)) = X
  • 3868.49 - (3868.49 x 0.2675) = X
  • 3868.48 - 1034.82 = X
  • 2833.66 = X

Therefore, the income on your monthly budget is $ 2,833.66.

2) Given that your fixed expenses are $ 1,035.65 / month and are 36% of your realized income, to compute the realized income on your budget, the following calculation must be performed:

  • 36 = 1035.65
  • 100 = X
  • 100 x 1035.65 / 36 = X
  • 2876.80 = X

Therefore, the realized income on your budget is $ 2,876.80.

Learn more about gross income in https://brainly.com/question/13793671

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