Question

Determine how much does Joe take home if he receives a salary of $2,240 per month and 18% is deducted for income tax and 6% is deducted for savings?

Answer 1

Joe's monthly take-home pay after an 18% income tax and a 6% savings deduction from his gross salary of $2,240 is $1,702.40.

Step-by-step explanation:

To calculate Joe's take-home salary, we need to consider the deductions for income tax and savings from his gross monthly salary of $2,240.

• Firstly, calculate the income tax by taking 18% of $2,240, which is $403.20.
• Secondly, calculate the savings deduction by taking 6% of $2,240, which is $134.40.
• Finally, subtract the total deductions ($403.20 + $134.40 = $537.60) from Joe's gross salary to get his net take-home pay.

The calculation would be: $2,240 - $537.60 = $1,702.40.

Therefore, Joe's monthly take-home pay after deductions for income tax and savings would be $1,702.40.