Question

Last year, a construction worker had a gross income of 29,700 of which he contributed 7% to his 401 (k) plan. If he got paid monthly, how much was deducted from each paycheck for his 401 (k) plan?

Answer 1

0.07(29700)/12 = 173.25

Answer 2

The answer is: 173.25

Explanation:

The gross income of the construction worker=29700

now he contribute 7% of his income to his 401(k) plan.

the construction worker is being paid monthly.

so, the amount he receives after deduction from each paycheck for his 401(k) plan = 0.07×(29700÷12)

=173.25

Hence,the construction worker is paid 173.25 monthly after his deduction.