Answered: You earn $17.50/hr and work 40 hr/wk.…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 15E

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You earn $17.50/hr and work 40 hr/wk. Your deductions are FICA (7.65%), federal tax withholding (12.3%), and state tax withholding (6.2%). Your housing and fixed expenses are 30% of your realized income per month. You want to save 5 months' worth in an emergency fund within a year. How much do you need to save per month to fund the emergency fund, and how much discretionary money remains per month?

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it is asking you for 30% of your realized income--I do not think you can add that to the deductions from State, FICA and FED. I would think you need to 2,800.00- 732.20= 2,067.80

2,067.80 is realized income--then you need 30% from that--I think--thoughts?

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