you are paid $8.25/hour. you work 35 hours/week for 3 weeks. your involuntary deductions are fica (7.65%)…

you are paid $8.25/hour. you work 35 hours/week for 3 weeks. your involuntary deductions are fica (7.65%), federal withholding (13%), and state withholding (9%). how much is your realized income? (1 point) $203.13 $866.25 $288.75 $609.39

you are paid $8.25/hour. you work 35 hours/week for 3 weeks. your involuntary deductions are fica (7.65%), federal withholding (13%), and state withholding (9%). how much is your realized income? (1 point) $203.13 $866.25 $288.75 $609.39

Answer

Explanation:

Step1: Calculate total hours worked

Total hours = 35 hours/week * 3 weeks = 105 hours

Step2: Calculate gross income

Gross income = $8.25/hour * 105 hours = $866.25

Step3: Calculate total deduction percentage

Total deduction percentage = 7.65% + 13% + 9% = 29.65% = 0.2965

Step4: Calculate the percentage of income received (1 - total deduction percentage)

Percentage received = 1 - 0.2965 = 0.7035

Step5: Calculate realized income

Realized income = Gross income * Percentage received = $866.25 * 0.7035 ≈ $609.39

Answer: $609.39