Math

John earns $21.60/hr and 40 hours a week (full time). Income tax is 7.05%. What is John's net income for 1 year (subtracted from tax)?

  1. 👍 0
  2. 👎 0
  3. 👁 54
asked by Eric
  1. 1 - .0705 = .9295
    So he is really making
    .9295 * 21.60 per hour after tax
    multiply that by 40 hours per week and 52 weeks in a year
    .9295 * 21.60 * 40 * 52 = ?

    (It should be around 42 thousand I estimate. Use your calculator to get it right.) Notice that I am assuming he gets paid for any vacation or holiday time he takes.

    1. 👍 0
    2. 👎 0
    posted by Damon

Respond to this Question

First Name

Your Response

Similar Questions

  1. accounting

    An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, and that the gross pay prior to the current week totaled $29,000.

    asked by mary on April 2, 2016
  2. accounting

    An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000.

    asked by Anonymous on November 9, 2010
  3. accounting

    An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled $58,000.

    asked by Anonymous on November 5, 2010
  4. math

    Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by Beth on June 6, 2013
  5. math

    Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by sharon on June 6, 2013
  6. math

    Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by keionna on June 7, 2013
  7. math

    Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by stacy on June 6, 2013
  8. math

    11. Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by douny on June 22, 2013
  9. Business Math

    Universal Exporting has three warehouse employees: John Abner earns $422 per week, Anne Clark earns $510 per week, and Todd Corbin earns $695 per week. The company’s SUTA tax rate is 5.4%, and the FUTA rate is 6.2% minus the

    asked by Taylor on June 7, 2013
  10. math

    3. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week? A. $675.32 B. $628.77 [C.

    asked by jake on January 10, 2012

More Similar Questions