An employee has an annual salary of $26965. After he arranges to have deducted from his salary 12% for the purchase of bonds 17% for federal witholding tax and 3% for a retirement fund what is the amount of his monthly check
deductions = 12% + 17% + 3% = 32%
leaving him with 68% of his salary
what is .68(26965) ?
To find the amount of the employee's monthly check after deducting for various expenses, we need to subtract the deductions from the annual salary.
First, let's calculate the total deductions:
12% for the purchase of bonds: 12% of $26,965 = 0.12 * $26,965 = $3,235.80
17% for federal withholding tax: 17% of $26,965 = 0.17 * $26,965 = $4,583.05
3% for a retirement fund: 3% of $26,965 = 0.03 * $26,965 = $809.95
Total deductions = $3,235.80 + $4,583.05 + $809.95 = $8,628.80
Now, we can find the annual salary after deductions:
Annual salary after deductions = $26,965 - $8,628.80 = $18,336.20
To find the amount of the monthly check, divide the annual salary after deductions by 12 (number of months in a year):
Monthly check = $18,336.20 / 12 = $1,528.017
Therefore, the employee's monthly check after deducting for various expenses would be approximately $1,528.02.