Answer:
$778.46 is the bi-weekly net pay
Explanation:
Net pay is the gross pay minus taxes
Net pay = gross pay - gross pay * tax rate
Simplifying this equation by factoring out gross pay
Net pay = gross pay (1- tax rate)
Substituting this in
Net pay = gross pay (1- tax rate)
We know the
hours worked = 23000
tax rate = .12
Net pay = 23000 (1- .12)
Net pay = 23000 (.88)
Net pay = 20240
But this is per year, and we want it bi weekly
There are 52 weeks in a year, divide by 2 (bi weekly)= 26
So divide 20240 by 26, so you get paid every 2 weeks.
$20240/26 = 778.46 (we round to the nearest cent)