Question

My gross annual salary is $38,256. Each paycheck, I have 12% withdrawn for federal

taxes, 6.2% withdrawn for Social Security and 1.45% withdrawn for Medicare. There
are no other deductions. How much my monthly paycheck?

Answer 1

$2,561.56

Explanation:

Income:

• Gross annual salary = $38,256

Deductions:

• Federal tax = 12%
• Social Security = 6.2%
• Medicare = 1.45%

Total deductions:

⇒ 12% + 6.2% + 1.45% = 19.65%

If 19.65% of the gross salary is deducted, the percentage remaining will be:

⇒ 100% - 19.65% = 80.35%

Find 80.35% of the gross annual salary:

⇒ 80.35% of $38,256

⇒ 0.8035 × 38256

⇒ 30738.696

Divide this by 12 to find the value of the monthly pay check:

⇒ 30738.696 ÷ 12 = 2561.558

Therefore, the monthly pay check is $2,561.56 (nearest cent).

Answer 2

• $2561.56

========================

Given

• Annual gross salary = $38256,
• Deductions = 12%, 6.2% and 1.45%.

Solution

Find the monthly gross and subtract all the deductions.

Monthly gross salary is:

• $38256/12 =
• $3188

Total deductions:

• 12% + 6.2% + 1.45% =
• 19.65%

Monthly paycheck is:

• $3188 - 19.65% =
• $3188(100 - 19.65)/100 =
• $2561.56 (rounded to the nearest cent)