32. daniel grosses $65,000 per year as a teacher and has 6% of his gross pay put into a retirement fund. if…

32. daniel grosses $65,000 per year as a teacher and has 6% of his gross pay put into a retirement fund. if daniels taxes and deduction for medical insurance total $18,450, what is daniels net pay each month? $3,554.17 $3,456.85

32. daniel grosses $65,000 per year as a teacher and has 6% of his gross pay put into a retirement fund. if daniels taxes and deduction for medical insurance total $18,450, what is daniels net pay each month? $3,554.17 $3,456.85

Answer

Explanation:

Step1: Calculate retirement - fund deduction

The amount put into the retirement fund is 6% of the gross pay. The gross pay is $65000 per year. So the retirement - fund deduction per year is $65000\times0.06 = 3900$.

Step2: Calculate total annual deductions

The total annual deductions include the retirement - fund deduction and the tax and medical - insurance deduction. The tax and medical - insurance deduction is $18450. So the total annual deductions are $3900 + 18450=22350$.

Step3: Calculate annual net pay

The annual net pay is the gross pay minus the total annual deductions. So the annual net pay is $65000−22350 = 42650$.

Step4: Calculate monthly net pay

To find the monthly net pay, divide the annual net pay by 12. So the monthly net pay is $\frac{42650}{12}\approx3554.17$.

Answer:

$3,554.17$