Question

Matthew is married and lives in Pennsylvania, which has a state income tax rate of 3.07%. He earns an annual salary of $47,530. Calculate his monthly take-home pay.

A.$3,418.86
B.$3,839.24
C.$3,540.83
D.$3,523.82
E.$3,960.83

Answer 1

B

Explanation:

Matthew's monthly take-home pay is approximately $2,960.69 (47,530 / 12). To calculate the exact amount, we need to subtract the state income tax from his monthly salary:

$47,530 / 12 = $3,961.67

$3,961.67 * 0.0307 = $122.57

$3,961.67 - $122.57 = $3,839.10

Therefore, the correct answer is B) $3,839.24