Edith earns an annual gross salary of $17,500. She has 28% of her gross salary withheld for taxes and other deductions. What is the net pay of each paycheck if she is paid weekly?
Franklin deposited $1,400 in a savings account that accrues simple interest at 6.75%. What is the balance in his account at the beginning of the third quarter?
To calculate the net pay of each paycheck, we need to determine the amount withheld for taxes and other deductions.
First, let's find out how much is withheld from Edith's gross salary for taxes and other deductions:
Amount withheld = (28/100) x Gross salary
= (28/100) x $17,500
To calculate this, multiply 28% (which is equivalent to 0.28) by her gross salary of $17,500:
Amount withheld = 0.28 x $17,500
= $4,900
Now, to find the net pay of each paycheck, we need to subtract the amount withheld from the gross salary:
Net pay = Gross salary - Amount withheld
= $17,500 - $4,900
= $12,600
Since Edith is paid weekly, the net pay for each paycheck would be $12,600.