Question

According to the Bureau of Labor Statistics, in 2014, the average annual salary for a Medical Assistant was $31,220. Assuming that a Medical Assistants' salary puts them in the 20% income tax bracket, determine the Medical Assistant’s net income (income after taxes are taken out).

Answer 1

24976

Step-By-Step:

Turn the percentage into a decimal then multiply by the amount given.

31,220*.20=6244

Subtract the amount from the original amount.

31,220-6244=24976

Answer 2

$24,976

Explanation:

We know that the average annual salary for a Medical Assistant was $31,220.

So if the Medical Assistants' salary puts them in the 20% income tax bracket, we can find out the net income, after all the taxes are taken out.

If 20% of the Medical Assistants' salary goes to the income tax then the remaining (100-20=) 80% must be his net income.

So calculating the 80% of his annual salary to find his net income:

`80% * 31220\\\\=(80)/(100) * 31220\\\\=24976`

Therefore, a Medical Assistants' net income is $24,976.