Calculate the following scenarios. Show all the steps for your calculations
You get a part-time job earning $12.50/hr. Tips are $4.60/hr on average. Deductions are FICA (7.65%) and Federal Tax Withholding (10%). You work for 18 hours. What is your gross base pay?
Gross pay:
You are paid $13/hr at your part-time job. Your deductions are FICA (7.65%) and federal tax (10%). Your travel expenses are $8.50 per day worked. You work for 20 hours over a 4-day period of time. What is your net income after travel expenses?
Net income:
You are paid $9.25/hr at your part-time job. You work for 10 hr/wk. You are considering changing jobs so you can work 15 hr/wk, but the pay is $7.15/hr with tips that average $3.00/hr. How much more per week can you make by switching jobs?
Difference in pay:
Your car takes 18 gallons of gas and lasts for the whole month. Gasoline costs $3.19/gallon. You have 2 coworkers who are each willing to pay for one-third of the tank each month to carpool with you. What is your share of the total gas price?
Share of gas:
You owe $1,500 on a credit card with a 14.5% APR. The minimum payment is $80. How much goes toward principal if you make the minimum payment at the end of the first month?
Amount toward principal:
Using this document, what is the hourly median income for a male with an advanced degree? Assume a 40 hour work week.
Hourly median income: