1.) You (or your parents) earn $53,698.00/yr and you have deductions of FICA (7.65%), federal tax withholding (11.5%), and state tax withholding (9%). How much is the allowed housing expense for the year? (1 point)
$ /year
2.) You (or your parents) plan to pay $1,275.00/month for a mortgage. How much is the minimum realized income per month to the nearest penny
1 ) p = 7.65 + 11.5 + 9 = 28.15 % $53,698.00 · ( 1 - 0.2815 ) = = $53,698.00 · 0.7185 = $38,582.01 The allowed housing expense for the year is $38,582.01. 2 ) $1,275.00 : 0.7185 = $1,774.53 The minimum realized income per month is $1,774.53.
