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? $"Fill in the blank text field 1"

Accepted Solution

e deductions total 26.75% 
The income totals 3868.49 
The take home pay is (1-taxes)*income or 2833.67 (ronded normaly), and treating the tax percent as a decimal fraction. 
If using the actual percentage then: (100-taxes)*income/100. { (100- 26.75)/100 * 3868.49 } 
Why 100-percentage? we want the remainder after taxes. The remaining part after taxes are taken away is 100 percent minus the tax rate. 

I am treating the second part as a separate problem in case it comes up different. 

= 2876.80 

Which is close but not identical. 
So now a lesson in significant figures. Any result of a calculation is only as good as the worst input to that calculation. And the precision of the second is two places (36 as in 36%). So the outcome is only good to two figures. And the answers agree to a two figure precision: 28xx = 28xx.