8. Suppose Betty saves $200 each month in her 401(k) account. How much less will her monthly take-home pay be? (Assume a combine
d 20% state and federal income tax rate, as in the example.)
1 answer:
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Answer:
Betty's monthly take home is $20 less
Step-by-step explanation:
Betty's monthly income = $2300
Betty's monthly savings = $200
Amount left after savings = $2300 - $200
Amount left after savings = $2100
Federal and State Income tax rate = 20% = 0.2
Tax amount paid = $420
Monthly take home = $2100 - $420
Monthly take home = $1680
Compared to $150 per month savings, Betty's monthly take home is $20 less
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Step-by-step explanation:
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