Question

PLEASE NOBODY IS HELPING ANSWER THIS AND IM LOST :(

1.) Your realized income from your primary job is $3,076.45/month. Your fixed expenses are 36% of your realized income. How much must you save for an emergency fund of 6 months?

2.) 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 2nd 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 discretionary monies from your primary job, how many hours per month do you need to work at your 2nd job to meet your monthly savings goal?

Answer 1

1) Answer:

He would need to save $6,645.13 for an emergency fund of 6 months.

Explanation:

I found this by first diving 3,076.45 by 100 to get 30.7645, I then multiplied that by 36 to get 1,107.52, which is one month of expense. I then multiplied that by 6 to get 6,645.13.

Sorry couldn't answer number 2.

but hope it helps.

Good luck!!