Based on your knowledge of taxes, you estimate that your net pay will be 66% of your gross pay. You think you will need $250 per week after taxes to get by. What annual gross salary will you need?
To calculate the annual gross salary needed, you first need to determine the weekly gross pay required to have $250 per week after taxes.
Since you estimate that your net pay will be 66% of your gross pay, you can calculate the gross pay as follows:
Net pay = 66% of Gross pay
$250 = 0.66 * Gross pay
Gross pay = $250 / 0.66
Gross pay = $378.79 (rounded to the nearest cent)
Now that you have calculated the weekly gross pay needed, you can determine the annual gross salary by multiplying the weekly gross pay by the number of weeks in a year (52 weeks):
Annual gross salary = Weekly gross pay x 52 weeks
Annual gross salary = $378.79 x 52
Annual gross salary = $19,697.08
Therefore, you will need an annual gross salary of approximately $19,697.08 to have $250 per week after taxes.