Question

Skye’s gross annual income is $36,192. She is paid weekly and has 4% deducted from her paychecks for her 403(b). Her employer matches her deduction, up to 3%. How much is deposited into Skye’s 403(b) each payday?

Answer 1

Answer:

$48.72

Step-by-step explanation:

Step 1: identify the given parameters

Sky's gross annual income = $36,192

Step 2: calculate Sky's weekly salary

= 36,192/52

=$696/week

Step 3: calculate Sky's weekly 4% deduction

= $696 X 4%

=$696 X 0.04 = $27.84

Step 4: calculate Sky's weekly 3% deduction

= $696 X 3%

=$696 X 0.03 = $20.88

Step 5: calculate how much is deposited into Skye’s 403(b) each payday

= $27.84 + $20.88

=$48.72