An employee has a annual salary of $26,965 after he arrangesto have deducted fro

Question

An employee has a annual salary of $26,965 after he arrangesto have deducted from his salary 12% for the purchase of bonds, 17%for federal withholding taxes, and 3% for retiring funds, what isthe amount of hi monthly check? A. $1,528.98 B. $1,507.98 C. $1,597.88 D. $1,697.88 An employee has a annual salary of $26,965 after he arrangesto have deducted from his salary 12% for the purchase of bonds, 17%for federal withholding taxes, and 3% for retiring funds, what isthe amount of hi monthly check? A. $1,528.98 B. $1,507.98 C. $1,597.88 D. $1,697.88

Explanation / Answer

Let the amount of his annual salary be x ; Then total deduction = 0.12x + 0.17x + 0.03x = 0.32x ; but after deduction salary is $26,965 => x - 0.32x = $26,965 or,    0.68x = $26,965 => x = $39654.4 => his monthly salary is x /12 = $3304.53 I am sure this is correct, though the answer is not there inthe options. I think the question has been put in wrong words. First observe that : 26965/12 = 2247.08 , which is greater than all theanswers in the option. Hence, I believe the annual salary is actually fixed at$26965   and now we deduct the required amount to findthe net annual salary , and then divide it by 12, to get themonthly salary. so, if fixed annual salary , x = $26965, andafter a total deduction of 0.32x , we get :      net annual salary = 26965 - ( 0.32 x 26965 ) = $ 18336.2 => monthly salary = 18336.2 /12 = $ 1528.02 , butthis again is not in the options, though it is close. but please note, if $1528.98 is the correct answer then byabove calculations the fixed annual salary should have been $26982 . as  26982 - ( 0.32 x 26982 ) = $ 18347.76    and 18347.76 / 12 = 1528.98

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.