Monica has a yearly salary of $36,100. Her employer withholds $4320 in state and federal taxes and $3744 in FICA taxes throughout the year. She has the following monthly costs: transportation is $250, cell phone bill is $85, student loans require $260 in repayment, and rent is $500. She is using the average monthly costs for each of the following in order to gain an idea of other monthly expenses: utilities are $150, internet is $105, health insurance is $391, and groceries are $350. What is Monica's monthly net pay amount? Round your answer to the nearest cent, if necessary.

Monica has a yearly salary of $36,100. Her employer withholds $4320 in state and federal taxes and $3744 in FICA taxes throughout the year. She has the following monthly costs: transportation is $250, cell phone bill is $85, student loans require $260 in repayment, and rent is $500. She is using the average monthly costs for each of the following in order to gain an idea of other monthly expenses: utilities are $150, internet is $105, health insurance is $391, and groceries are $350. What is Monica's monthly net pay amount? Round your answer to the nearest cent, if necessary.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Anita pays 50% of the total cost for her benefits, her employer pays the other 50%. The total monthly premium for health is $167.50 and $75.50 for dental. She is paid weekly What is the total combined (health & dental) amount payable recorded for this pay period?
The Telegraph (Nashau, NH) on December 6, 2006, described the living wage needed in New Hampshir. Jessica Bullard is a single parent with one child and claims 2 on her E2 Tax return at 2.9% per person withholding (FIT). She needs to make $17.71 an hour to get by in Hillsborough County. However Jessica Bullard earns only $13.00 an hour. Jessica works 40 hours a week. Social Security is 6.2% and Medicare is 1.4% (a) What is her gross pay per week? (b) How much is deducted for Social Security Tax? (c) How much is deducted for Medicare? (d) How much is withheld for FIT in total for her and her child? (e) What is her net pay? (f) If she were to take on a second job for 20 hours/week, how much per hour must that job pay, in order for her to make the same amount as she would have if she was paid $17.71 on her regular job?
Lori earns $3,898 per month. She has a monthly rent payment of $980 along with average credit card payments of $325 and student loan payments of $250. She wants to finance a car but needs to determine her maximum car payment to keep her back end DTI at 39%. What would this payment be?
Conchita Martinez will have a monthly interest and principal payment of $1,867.96. Her monthly real estate taxes will be $58.27 and her monthly homeowner's insurance payments will be $85.59. If her gross monthly income is $6,786.26, find the housing ratio. The housing ratio is (Round to two decimal places as needed.)
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. What is Richard's net pay for the week if he earns $1,450? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) Net pay es .....*.. on
Mark makes $82,420 per year and pays about 23% of his gross monthly income in federal and state taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for rent each month. Then determine how much money he will have after taxes and rent are paid
Conchita Martinez will have a monthly interest and principal payment of $1,846.74. Her monthly real estate taxes will be $58.23 and her monthly homeowner's insurance payments will be $87.73. If her gross monthly income is $6,769.86, find the housing ratio. The housing ratio is (Round to two decimal places as needed.)
Conchita Martinez will have a monthly interest and principal payment of $1,850.13. Her monthly real estate taxes will be $57.32 and her monthly homeowner's insurance payments will be $84.14. If her gross monthly income is $6,810.22, find the housing ratio. The housing ratio is (Round to two decimal places as needed.)
Karen’s Moore is married, claims five withholding allowances, and earns $3,500 per month. In addition to social security, Medicare, and FIT, Karen pays 2.1% state income tax, 1/2 for state disability insurance (both based on gross income), $43.11 for life insurance, and $72.30 to the creditunion. As payroll manager for Karen’s company, calculate her net take-home pay per month.
Louise's monthly gross income is $2, 300. Her employer withholds $460 in federal, state, and local income taxes and $184 in Social Security taxes per month. Louise contributes $92 per month for her IRA. Her monthly credit payments for Visa, MasterCard, and Discover cards are $43, $33, and $20, respectively. Her monthly payment on an automobile loan is $353. What is Louise's debt payments to income ratio?
You have been hired for your dream job in healthcare. Your salary is $10,000 per month. Your taxes are $2500 per month. Your rent, food and transportation are a total $5000 per month. How much is your gross income? How much is your disposable income? What is another more common word for disposable income? How much is your discretionary income? Give me one example of what you would use your discretionary income for and how much you'd spend on that item?
Barry's employer pays $1,945 in health insurance and $234 in life insurance per year. He also gets $4,213 in paid time off per year. His monthly gross pay is $5,020. What are Barry's total job benefits per year?

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