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Your realized income from your primary job is $2,034.24/month. Your fixed expenses are 30% of your primary job’s realized income. You have a second job that pays $9.50/hr with deductions of FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (7.75%). If you want to save enough in the next 10 months to have an emergency fund that will cover 5 months using only 20% of your discretionaries from your primary job, how many hours per month do you need to work at your second job to meet your monthly savings goal?

Answer :

MissPhiladelphia
Your monthly income from your primary job is $2,034.24/month. Your fixed expenses are 30% of $2,034.24 which is $610.27/month. You have a second job that pays $9.50/hr with deductions of 7.65% (FICA) which is $0.72675/hr, federal tax withholding 11.5% which is $0.10925/hr, state tax withholding 7.75% which is $0.73625/hr. The remaining amount is $7.8445/hr. 

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