Accounting > Questions and Answers > Creating a Hypothetical Budget – Portfolio Activity

Creating a Hypothetical Budget – Portfolio Activity

You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%) 1) Assumingyoubudgetamonthas4weeks,howmuchisyourtotalrealizedincome,fixed expenses, and discretionary expenses. 1,549.56 2) Ifyouareabletowork20hoursofov ... ertimethenextmonthandarepaid1.5timesyour regular rate, how does this change your budget for that month? 2,324.32 3) Howmuchcanyouputtowardssavingseachmonthifyoueliminatedyourdiscretionary expenses? 258.87 Be sure to include in your response: A detailed budget showing income and expenses for the two different months. Answers to the original questions. An explanation for how you calculated the first 40 hours of income and then the additional 20 hours of overtime. I calculated the income for 40 hrs then additional 20 hours was added up 11.75+ 1.5 then multiplied that by 40. I got $705 [Show More]