Aldo gets paid biweekly. His gross pay for each pay period is $850.
He has 16% withheld for taxes and 7% withheld for personal deductions.
What is the amount of his annual net pay?
17,017
There are 26 biweekly payments per year.
26 ($850 - .23[$850]) = ?
34556
To calculate Aldo's annual net pay, we need to determine the amount of money he's left with after taxes and deductions for each pay period, and then multiply that by the number of pay periods in a year.
1. Calculate the amount withheld for taxes for each pay period:
Gross pay = $850
Tax rate = 16%
Tax withheld = $850 * 0.16 = $136
2. Calculate the amount withheld for personal deductions for each pay period:
Gross pay = $850
Deduction rate = 7%
Deduction withheld = $850 * 0.07 = $59.50
3. Calculate the amount of money Aldo keeps after deductions for each pay period:
Net pay = Gross pay - Tax withheld - Deduction withheld
= $850 - $136 - $59.50
= $654.50
4. Calculate the number of pay periods in a year:
Assuming Aldo gets paid biweekly, there are 52 weeks in a year, and he gets paid every two weeks.
Number of pay periods = 52 / 2 = 26
5. Calculate Aldo's annual net pay:
Annual net pay = Net pay per pay period * Number of pay periods
= $654.50 * 26
= $17,017
Therefore, Aldo's annual net pay is $17,017.