Jane's gross earnings are $16,250 per year. If she has 24% withheld,
what is her net income
To find Jane's net income, we need to subtract the amount withheld from her gross earnings.
Step 1: Calculate the amount withheld.
Amount withheld = (24/100) * gross earnings
= (24/100) * $16,250
Step 2: Calculate the net income.
Net income = Gross earnings - Amount withheld
= $16,250 - (24/100) * $16,250
Now, let's compute the net income.
Net income = $16,250 - (24/100) * $16,250
= $16,250 - $3,900
= $12,350
Therefore, Jane's net income is $12,350 per year.
To calculate Jane's net income, we need to subtract the amount withheld from her gross earnings.
Step 1: Calculate the amount withheld
Multiply Jane's gross earnings by the withholding rate which is 24% or 0.24
Amount withheld = $16,250 × 0.24 = $3,900
Step 2: Calculate the net income
Subtract the amount withheld from Jane's gross earnings to find her net income.
Net income = Gross earnings - Amount withheld
Net income = $16,250 - $3,900
Net income = $12,350
Therefore, Jane's net income is $12,350.