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Ingrid's Paycheck

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Ingrid's Paycheck

1. What percentage of Ingrid's gross income goes toward federal withholding tax this pay period?
2. What percentage of Ingrid's gross income so far this year is her net pay (to date)?
3. What percentage of Ingrid's gross income goes toward taxes and deductions?
4. Each paycheck, Ingrid spends about 1/45 of her net pay on gasoline. How much money is that?
5. If this paycheck's year-to-date totals mark 1/3 of the year for Ingrid's income, what do you project her total income for the year will be? Gross and Net?
6. Each paycheck, Ingrid spends about 3.5% of her net pay on entertainment. How much money is that over the whole year so far?
7. Ingrid wants to spend $400 less on entertainment for the whole year. What percentage of her net pay would be spent on entertainment if she can achieve that?
8. Ingrid is scheduled to receive a raise at the end of the year of 3%. By how much money would that increase her income in each paycheck? Over the whole year?
9. Write that percentage as a decimal.
10. Write that percentage as a fraction.
11. Write that percentage in scientific notation.
12. If it is anticipated that one-quarter to one-third of after-tax income is to be spent on housing, how much can Ingrid afford? Provide a range of answers, and consider that she is putting away $500 per month for a private pension fund. Does maintaining that affect your response?

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Solution Summary

The Excel file contains all formulas and calculations for the problem. Explanations for each step are given in the Word file.

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1. What percentage of Ingrid's gross income goes toward federal withholding tax this pay period?
Divide the Current FWT by the Current Gross income and convert to a percentage.
Answer: 17.43%

2. What percentage of Ingrid's gross income so far this year is her net pay (to date)?
Divide the Year-To-Date Net Pay by the Year-To-Date Gross Income and convert to a percentage.
Answer: 68.06%

3. What percentage of Ingrid's gross income goes toward taxes and deductions?
Add the Current Taxes to the Current Deductions.
Then divide that total by the Current Gross Income and convert to a percentage.
Answer: 33.09%

4. Each paycheck, Ingrid spends about 1/45 of her net pay on gasoline. How much money is that?
Convert the 1/45 from a fraction to a decimal form. Multiply the decimal form by the Current Net Pay.
Answer: $49.63

5. If this paycheck's year-to-date totals mark 1/3 of the year for Ingrid's income, what do you project her total income for the year will be? Gross and Net?
Since the year-to-date ...

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  • MSc, California State Polytechnic University, Pomona
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  • BSc, California State Polytechnic University, Pomona
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