Question

An accountant makes an annual median salary of $67,190. If 18.65% of the accountant's paycheck goes to taxes and another $550 goes towards medical coverage, what is the net income for the accountant every month?

Answer 1

The net income for the accountant every month is $54,115.615.

Step-by-step explanation:

To calculate the net income for the accountant every month, we need to calculate the total amount deducted from the annual salary for taxes and medical coverage, and then subtract that from the annual salary. First, we calculate the total amount deducted for taxes by multiplying the annual salary by the tax rate (18.65% = 0.1865). Total tax deduction = $67,190 * 0.1865 = $12,524.385. Then, we add the amount deducted for medical coverage ($550). Total deduction = $12,524.385 + $550 = $13,074.385. Finally, we subtract the total deduction from the annual salary to get the net income per month. Net income = $67,190 - $13,074.385 = $54,115.615.