Fay is paid semimonthly. The net amount of each paycheck is $670.50.
What is her net annual income?
a. $17,433
b. $4,023
c. $16,092
d. $8,046
We can start by finding Fay's gross income for one paycheck. Since the net amount of each paycheck is $670.50, we need to add back any deductions or taxes that were taken out. However, the problem doesn't give us any information about these amounts, so we'll assume that the net amount is also the gross amount (i.e. no deductions or taxes were taken out).
Fay is paid semimonthly, which means she receives 24 paychecks in a year (2 paychecks per month x 12 months). To find her net annual income, we can simply multiply the net amount of each paycheck by the number of paychecks:
Net annual income = $670.50/paycheck * 24 paychecks/year = $16,092
Therefore, the answer is (c) $16,092.