Question

John's gross monthly salary is $2,000 starting next month, John receives a 15% raise power month. also starting next month, 30% of his monthly paycheck is withheld for taxes. what will John's net monthly income be next month, after adding the raise and deducting taxes.

Answer 1

John's gross monthly salary is $2000.

John receives a 15% raise in his salary.

So first we have to find 15% of $2000.

15% of 2000 = $(2000)(\frac{15}{100})$

= $\frac{(2000)(15)}{100}$

= $\frac{30000}{100}$

= $300$

John's salary including the raise = $$(2000+300)$ = $2300.

Now 30% of his monthly paycheck withheld for taxes.

30% of 2300 = $(2300)(\frac{30}{100})$

= $\frac{(2300)(30)}{100}$

= $\frac{69000}{100}$

= $690$

So the amount of tax deducted = $690.

John's net monthly income = $ $(2300-690)$ = $1610.

So we have got the required answer.