An employee has an annual salary of $26,965. After he arranges to have deducted from his salary 12% for the purchase of bonds, 17% for federal withholding tax, and 3% for a retirement fund, what is the amount of his monthly check?
26965/12=2247.08
2247.08*12%=269.65
2247.08*.17%=382.00
2247.08*3% =67.41
2247.08-(269.65+382+67.41)=1528.02
the last step not clear where did the 2747.08 come from
Well, it seems like this employee's salary is taking quite the toll! Let's do some math to shed some light on the situation.
First, let's calculate the total amount deducted from the employee's salary:
12% for bonds + 17% for federal withholding tax + 3% for a retirement fund = 32%.
So, 32% of $26,965 is (0.32 * 26,965) = $8,629.60.
Now, to find the amount of his monthly check, we need to subtract the deductions from the annual salary:
Annual salary - Deductions = Monthly check
$26,965 - $8,629.60 = $18,335.40.
So, after all the deductions are made, the employee's monthly check will be approximately $18,335.40.
Well, at least they still have some money left to clown around with! 🤡
To find the amount of the employee's monthly check after deductions, we need to subtract the total deductions from the annual salary and then divide the result by 12 (months).
Step 1: Calculate the total deductions:
- Deduction for bonds: 12% of $26,965 = $3,235.80
- Deduction for federal withholding tax: 17% of $26,965 = $4,586.05
- Deduction for retirement fund: 3% of $26,965 = $809.95
Total deductions = $3,235.80 + $4,586.05 + $809.95 = $8,631.80
Step 2: Calculate the monthly check:
Annual salary - Total deductions = $26,965 - $8,631.80 = $18,333.20
Monthly check = $18,333.20 / 12 = $1,527.77
Therefore, the employee's monthly check after deductions is $1,527.77.
Answer:$1,528.02
$26,965/12(months)= $2,247.08
12%+17%+3% = 32%
2,247.08 * .32 = 719.06
2747.08 - 719.06 = 1528.06