Question

Based on your knowledge of taxes, you estimate that your net pay will be 66% of your gross pay. You think you will need $250 per week after taxes to get by. What annual gross salary will you need

Answer 1

The gross pay per year is $\fbox{\bf\ 19697.6}$.

Further explanation:

Given:

The net pay is 66% of the gross pay. The net pay per week is $250.

Calculation:

Consider the gross pay as $x$ and net pay as $y$.

Since the net pay $y$ is 66% of the gross pay $x$, it can be written as follows:

$\begin{aligned}\frac{{x\times66}}{{100}}&=y\\x&=\frac{{y\times 100}}{{66}}\\x&=1.5151y\\\end{aligned}$

The net pay per week is given as $250.

Substitute 250 for $y$ in above equation.

$\begin{aligned}x&=1.5151\left( {250}\right)\\&= 378.8\,\,{\text{dollar}}\,\,{\text{per}}\,{\text{week}}\\\end{aligned}$

Since, there exist 52 weeks in a year, the gross pay per year is calculated as follows:

$\begin{aligned}x &= 378.8\left({52} \right)\\&= 19697.6\,\,{\text{dollar}}\,\,{\text{per}}\,{\text{year}}\\\end{aligned}$

Thus, the gross pay per year is $19697.6.

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Answer Details:

Grade: Middle School

Subject: Mathematics

Chapter: Interest

Keywords: Gross pay, net pay, rate, accounts, simple interest, compound interest, percent, dollar, tax, interest rate, net worth, annually, weekly, weeks, $250, total income, charity, compounded.