Total realized income:
$11.75/hr x 40 hr/wk = $470/wk
$470/wk x 4 weeks/month = $1880/month
Deductions:
FICA: 7.65% x $1880 = $143.94
Federal tax withholding: 10.75% x $1880 = $202.70
State tax withholding: 7.5% x $1880 = $141.00
Fixed expenses:
Assuming fixed expenses are those that do not vary from month to month, such as rent, car payment, insurance, etc., we would need more information to calculate this.
Discretionary expenses:
Assuming discretionary expenses are those that can vary from month to month and include things like entertainment, dining out, shopping, etc., we would need more information to calculate this.
Amount towards savings:
If we assume all discretionary expenses can be eliminated, we can calculate the amount towards savings as follows:
Total income - deductions - fixed expenses - 0 (discretionary expenses) = amount towards savings
Using the deductions calculated above and assuming fixed expenses of $800/month and discretionary expenses of $500/month, we can calculate the amount towards savings as:
$1880 - $143.94 - $202.70 - $141.00 - $800 - $500 = $92.36/month towards savings.