Marcus, a high school student, works at a lumberyard making $10.50 an hour. with his academic and sports schedule, he is able to work 25 hours a week. he can pick up extra hours, but not consistently. marcus lives at home, so he has very few bills. he is responsible for his cell phone bill, which is $65 a month. he pays for his auto insurance, which is $1,200 a year, and he pays for gas, maintenance and repairs on his car. lastly, marcus is responsible for his spending money. he has a fully funded emergency fund of $500 but has a goal of saving additional money for new tires. (as a high school student, assume that groceries, health insurance, and utilities are expenses covered by his parents.) * remember to compute net pay by taking 20% out for taxes.

Question

Brodie

Business

28 October, 18:14

Marcus, a high school student, works at a lumberyard making $10.50 an hour. with his academic and sports schedule, he is able to work 25 hours a week. he can pick up extra hours, but not consistently. marcus lives at home, so he has very few bills. he is responsible for his cell phone bill, which is $65 a month. he pays for his auto insurance, which is $1,200 a year, and he pays for gas, maintenance and repairs on his car. lastly, marcus is responsible for his spending money. he has a fully funded emergency fund of $500 but has a goal of saving additional money for new tires. (as a high school student, assume that groceries, health insurance, and utilities are expenses covered by his parents.) * remember to compute net pay by taking 20% out for taxes.

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Mohammed · Answer 1

Given:

salary: $10.50 an hour

25 hours a week

expenses:

Cellphone bill: $65/month

car insurance: $1,200/yr

*20% taxes.

There is no specific question but I will solve for Marcus net earnings for the year.

25 hours/week * 52 weeks/yr = 1,300 hours/year

Wages: 10.50 per hour * 1,300 hours/year = $13,650 Gross salary per year

Taxes: 13,650 * 20% = 2,730

13,650 - 2,730 = 10,920 net salary for the year

Cell phone bill: 65 per month * 12 months = 780

Net salary: 10,920

Cell phone bill (780)

Car insurance: (1,200)

Net Income: 8,940 per annum.