how do solve a math question that states 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, how do you solve this problem?
Are you looking for the amount of his take home pay?
Is the purchase for bonds come from his taxable income? Or is it figured after the tax is withheld?
17+12+3=32%
26,965.00*0.32=8,626.80
26,965.00-8,626.00=18,336.20
1528.02
To solve this problem, you need to follow these steps:
Step 1: Determine the amount deducted for the purchase of bonds:
Multiply the annual salary by the percentage deducted for bonds to find the amount. In this case, it is 12% of $26,965.
Amount deducted for bonds = 12% of $26,965
= (12/100) * $26,965
= $3,235.80
Step 2: Determine the amount deducted for federal withholding tax:
Multiply the annual salary by the percentage deducted for federal withholding tax to find the amount. In this case, it is 17% of $26,965.
Amount deducted for federal withholding tax = 17% of $26,965
= (17/100) * $26,965
= $4,586.05
Step 3: Determine the amount deducted for the retirement fund:
Multiply the annual salary by the percentage deducted for the retirement fund to find the amount. In this case, it is 3% of $26,965.
Amount deducted for the retirement fund = 3% of $26,965
= (3/100) * $26,965
= $809.95
Step 4: Calculate the remaining salary after deductions:
Subtract the total amount deducted (bonds + federal withholding tax + retirement fund) from the annual salary.
Remaining salary = Annual salary - (Amount deducted for bonds + Amount deducted for federal withholding tax + Amount deducted for the retirement fund)
= $26,965 - ($3,235.80 + $4,586.05 + $809.95)
= $18,333.20
Therefore, after all the deductions, the employee's remaining salary is $18,333.20.