MATH SOLVE

5 months ago

Q:
# 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

A:

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.

1,035.65*(1/36)

= 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.

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.

1,035.65*(1/36)

= 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.