Question

There is a sale on computers at your local Comp2u. The gaming system that you are interested in has the latest Intel Quad core processor and duel NVIDIA GeForce 9800S graphics card. The sale price on the computer is $1,500.00 plus 5.1% sales tax. Your monthly gross salary is $2,500. How much will you have saved over a two month period and will you be able to afford the computer, given your monthly expenses total $1,250, Social Security is 6.2% of your biweekly income, Medicare is 1.45% of your biweekly income, and you pay State and Federal taxes in the amount of $45.00 and $89.51 biweekly respectively?

Answer 1

Answer:

$1,579.44; yes

Step-by-step explanation:

Answer 2

Answer:

The multiple choices missing from the question are:

a. $1,576.5; yes

b. $1,521.2; no

c. $1,579.44; yes

d. $1,561.32; no

The correct option is A, $1,576.5

Step-by-step explanation:

The balance of gross pay  is computed thus:

Gross salary                            $2,500

Social security at 6.2%            ($155)

Medicare at 1.45%                  ($36.25)

State taxes                                ($45)

Federal taxes                            ($89.51)

Monthly expenses                    ($1250)

amount left after all deductions$924.24

However, the amount of savings is the cost of the computer plus 5.1%

Computer cost   $1,500

Plus 5.1%*$1500  $ 76.5

Total savings       $1,576.5

If total of $924.24 was saved in the first month, savings can be accomplished thus:

First month savings    $924.24

Second month savings$652.26