You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%)
1) Assuming you budget a month as 4 weeks, how much is your total realized income, fixed expenses, and discretionary expenses.
2) If you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month?
3) How much can you put towards savings each month if you eliminated your discretionary expenses?

Please help! Graduation is at steak!

Given that you are paid $11.75/hr, and you work 40 hr/wk, and your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%), to determine 1) how much is your total realized income, 2) if you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month, and 3) how much can you put towards savings each month if you eliminated your discretionary expenses, the following calculations must be made:

The question does not provide information on discretionary expenses and fixed expenses, so point 3 cannot be answered.

1)

7.65 + 10.75 + 7.5 = 25.9
100 - 25.9 = 74.1
(11.75 x 0.741 x 4 x 40) = X
8.70675 x 160 = X
1393.08 = X

Therefore, your total realized income is $1,393.08.

2)

(11.75 x 0.741 x 4 x 40) + (11.75 x 1.5 x 0.741 x 20) = X
1393.08 + 261.2025 = X
1654.28 = X

Therefore, your monthly budget would be of $1,654.28.

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