Question

Based on your knowledge of taxes you estimate the net pay will be 65%of your gross pay you think you will need 250 per week after taxes to get by. What annual gross will you need?

Answer 1

You need annual gross pay of 20000.

Explanation:

Suppose, your annual gross pay is
`x`

You estimate that the net pay will be 65% of your gross pay. So, the annual net pay will be:
`x*65\% = 0.65x`

As there are 52 weeks in 1 year, so your weekly net pay will be:
`(0.65x)/(52)`

Given that, you will need 250 per week after taxes to get by. So, the equation will be......

`(0.65x)/(52)=250\\ \\ 0.65x= 52*250=13000\\ \\ x=(13000)/(0.65)=20000`

So, you need annual gross pay of 20000.