Last year, a construction worker had a gross income of 29,700 of which he contributed 7% to his 401 (k) plan. If he got paid mon
thly, how much was deducted from each paycheck for his 401 (k) plan?
2 answers:
Answer:
The answer is: 173.25
Step-by-step explanation:
The gross income of the construction worker=29700
now he contribute 7% of his income to his 401(k) plan.
the construction worker is being paid monthly.
so, the amount he receives after deduction from each paycheck for his 401(k) plan = 0.07×(29700÷12)
=173.25
Hence,the construction worker is paid 173.25 monthly after his deduction.
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