Your gross income is $4,520.00/month. your deductions are fica (7.65%), federal tax withholding (11.75%), and state tax withholding (8.5%). your fixed expenses are 30% of your realized income. you saved 5 months' worth in an emergency fund, placing 75% in a 60-day cd at a 5.25% apr and the rest in a regular savings account at a 3.8% apr. how much is in the savings account? $1,777.10 $1,969.55 $1,222.10 $1,315.07

The answer is  $1,222.10.given: monthly income - 4,520; fica(7.65%) - 345.78; federal tax (11.75%) - 531.10; state tax (8.5%) - 384.20; fixed expenses (30%); emergency fund (75%)  required: savings accountsolution: compute the realized income first. deduct the deductions from the monthly income.     monthly income - 4,520      less: fica -              345.78            federal tax -    531.10            state tax -        384.20    realized income = 3,258.92then, compute the fixed expenses by multiplying 30% to the amount after deducting the deductions.     fixed expenses = 3,258.92 x 30%    fixed expenses = 977.68multiply by 5months to get the  5 month's worth of savings in the emergency fund before multiplying it again by the rate of 75% to get the cd.     emergency fund = 977.68 x 5months    emergency fund = 4,888.40    cd = 4,888.40 x 75%    cd = 3,666.30    deduct the cd from the emergency fund to get the savings account. note that savings plus cd would equal to the emergency fund.    savings = 4,888.40 - 3,666.30        savings = $1,222.10

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