If 24% of your monthly pay is withheld for federal income taxes and another 6% is withheld for Social Security, state income tax, and other miscellaneous items, leaving you with $989.50 a month in take-home pay, then the amount you earned before the deductions were removed from your check is given by the equation
Solve this equation to find your gross income. Round the answer to the nearest dollar.
_______ per month
What is the equation?
To find your gross income, we need to solve the equation by working backwards.
Let's start with the amount you earned before the deductions were removed, which we'll call "x."
From the problem statement, we know that 24% of your monthly pay is withheld for federal income taxes, and another 6% is withheld for Social Security, state income tax, and other miscellaneous items. So, the remaining percentage of your pay after deductions is 100% - 24% - 6% = 70%.
Therefore, we can set up the equation as follows:
70% of x = $989.50
To solve for x, we can first convert 70% to a decimal by dividing it by 100: 70/100 = 0.7.
Now we can rewrite the equation as:
0.7x = $989.50
To isolate x, divide both sides of the equation by 0.7:
x = $989.50 / 0.7
Calculating this, we get:
x ≈ $1413.57
So, your gross income before deductions were removed is approximately $1413.57 per month.