Question

You or your parents are paid 13.75/hr and your deductions are FICA (7.65%), federal tax withholding (10%), and state tax withholding (7.5%). You or your parents rent is $875.00/month. How many hours must be worked to pay the rent each month?

Answer 1

Answer: IT IS 86!!!! Not 85! Just took the test and got %100

Step-by-step explanation: Their equations are right, but they forgot about the part that you must ROUND UP TO THE NEAREST WHOLE NUMBER. Therefore it is 86. I put 86, got it right.

The answers for the entire thing are,

1. Utilities

2. Private Mortgage insurance

3. 86

4. 2678.57

Answer 2

you or your parents must be work 85 hours each month to pay the rent.

Explanation:

You or your parents are paid per hour = $13.75

Deductions on FICA = 7.65% of 13.75

= 0.0765 × 13.75 = $1.051875

Federal Tax = 10% of 13.75

= 0.10 × 13.75 = $1.375

State tax = 7.5% of 13.75

= 0.075 × 13.75 = $1.03125

Total deductions = 1.051875 + 1.375 + 1.03125 = 3.458125

After deductions take out pay/hour = 13.75 - 3.458125 = $10.291875

If the rent is $875/month

Therefore 875 ÷ 10.291875 = 85.018521 rounded to 85 hours.

you or your parents must be work 85 hours each month to pay the rent.