You are paid $8.35/hr at your part-time job your deductions are FICA (7.65%), federal tax withholding (9.15%), and state tax witholding (7.5%) your travel expenses are $6.30 per day worked. You work 16 hours over a 4 day period of time what is your net income after travel expenses
First, we need to calculate the total gross income for the 4-day period:
$8.35/hour x 16 hours = $133.60
Next, we need to calculate the total amount of deductions:
FICA: 7.65% x $133.60 = $10.22
Federal tax withholding: 9.15% x $133.60 = $12.22
State tax withholding: 7.5% x $133.60 = $10.02
Total deductions = $32.46
Now we can subtract the total deductions and travel expenses from the gross income:
$133.60 - $32.46 - ($6.30 x 4) = $87.74
Therefore, the net income after travel expenses is $87.74.
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To calculate your net income after deducting travel expenses, you need to follow these steps:
Step 1: Calculate your gross income by multiplying your hourly wage by the number of hours worked.
Hourly wage: $8.35/hr
Hours worked: 16 hours
Gross income = $8.35/hr * 16 hours = $133.60
Step 2: Calculate the total deductions by adding up the percentages of each withholding.
FICA deduction: 7.65% of gross income
Federal tax withholding: 9.15% of gross income
State tax withholding: 7.5% of gross income
Total deductions = (7.65% + 9.15% + 7.5%) * Gross income
Step 3: Calculate the travel expenses for the 4-day period by multiplying the daily cost by the number of days worked.
Daily travel expenses: $6.30/day
Days worked: 4 days
Total travel expenses = $6.30/day * 4 days = $25.20
Step 4: Subtract the total deductions and travel expenses from the gross income to find the net income.
Net income = Gross income - (Total deductions + Total travel expenses)
Net income = $133.60 - (Total deductions + $25.20)
You can now calculate the total deductions by substituting the values into the equation and simplify to find your net income.