Leon has an annual income of $18,500. He has 22% of his gross
salary withheld for deductions. What is the net amount of each
paycheck if he gets paid biweekly?
He gets 26 checks a year.
Each Check=(18500/26 )(1-.22)
Well, it seems like Leon is getting a little "deducted" at work! With 22% of his income withheld, it's like they're playing a game of "hide and seek" with his money. Now, if he gets paid biweekly, we can calculate the net amount of each paycheck by first finding the amount of the deductions.
To calculate the deductions, we multiply his gross salary ($18,500) by the percentage withheld (22% or 0.22):
$18,500 x 0.22 = $4,070
Now, we subtract the deductions from his gross salary to find the net amount of each paycheck:
$18,500 - $4,070 = $14,430
So, each biweekly paycheck that Leon receives will be like a little "surprise" party with a net amount of $14,430.
To find the net amount of each biweekly paycheck for Leon, we need to calculate the amount withheld for deductions and subtract it from his gross salary.
1. Calculate the amount withheld for deductions:
- Gross salary = $18,500
- Deduction percentage = 22%
- Amount withheld for deductions = 22% of $18,500
Amount withheld for deductions = 0.22 * $18,500 = $4,070
2. Calculate the net amount of each biweekly paycheck:
- Biweekly pay means Leon receives 26 paychecks in a year.
- Net amount per paycheck = (Gross salary - Deductions) / Number of paychecks in a year
Net amount per paycheck = ($18,500 - $4,070) / 26
Net amount per paycheck = $14,430 / 26
Net amount per paycheck ≈ $555.77
Therefore, Leon's net amount of each biweekly paycheck is approximately $555.77.
To calculate the net amount of each biweekly paycheck, we first need to calculate Leon's gross salary per biweekly paycheck, and then subtract the deductions.
Deductions are calculated based on his annual income and the percentage withheld. We can find the amount of deductions as follows:
Amount of deductions = Annual income * Percentage withheld
= $18,500 * 0.22
= $4,070
Now, let's calculate Leon's gross salary per biweekly paycheck:
Gross salary per biweekly paycheck = Annual income / Number of pay periods per year
= $18,500 / 26 (biweekly pay periods in a year)
= $711.54 (rounded to two decimal places)
Finally, to find the net amount of each biweekly paycheck, we subtract the deductions from the gross salary per biweekly paycheck:
Net amount per biweekly paycheck = Gross salary per biweekly paycheck - Deductions
= $711.54 - $4,070
= -$3,358.46 (rounded to two decimal places)
The net amount per biweekly paycheck is -$3,358.46. However, it's important to note that this is negative because the deductions exceed the gross salary. It could be an error in the deduction percentage or a special circumstance.