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Kayla4320go
Answered

IM GIVING 100PTS & BRAINLIEST! -- You are paid $10 per hour. You work 13 hours each week. Your taxes are federal, 10%; FICA, 7.65%; and state, 3%. You also contribute $30 to your company's retirement plan.

If you are paid weekly, how much is your realized income?

Answer :

Semsee45go

Answer:

$73.16  (nearest cent)

Step-by-step explanation:

Gross weekly income:

= pay per hour × hours worked per week

= $10 × 13

= $130

Total taxes:

= Federal + FICA + State

= 10% + 7.65% + 3%

= 20.65%

Therefore, total taxes to pay:

= percentage of gross weekly income

= 20.65% of $130

= 0.2065 × $130

= $26.845

Realized income:

= gross weekly income - taxes - retirement plan contribution

= $130 - $26.845 - $30

= $73.155

= $73.16  (nearest cent)

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