Question

What is your monthly take-home pay if your take-home pay is calculated as 40 hours from Monday to Friday and 8 hours two Saturdays per month; regular

hourly rate is $15.20; pay is double for weekends; 29% is deducted for taxes and insurance? Round intermediate calculations and the final answer to the
nearest cent; use 52 weeks in a year.
Your monthly take-home pay is $?.

Answer 1

Explanation:

To calculate your monthly take-home pay, you can use the following formula:

```

Monthly take-home pay = (Regular hourly rate x 40 hours x 5 days) + (Regular hourly rate x 8 hours x 2 Saturdays x 4 weeks) x 2 - Deductions

```

Where:

- Regular hourly rate = $15.20

- Deductions = 29% of gross pay

First, let's calculate the gross pay for one month:

```

Gross pay = (Regular hourly rate x 40 hours x 5 days) + (Regular hourly rate x 8 hours x 2 Saturdays x 4 weeks) x 2

= ($15.20 x 40 x 5) + ($15.20 x 8 x 2 x 4) x 2

= $3,424

```

Next, let's calculate the deductions:

```

Deductions = Gross pay x 29%

= $3,424 x 0.29

= $992.96

```

Finally, let's calculate the monthly take-home pay:

```

Monthly take-home pay = Gross pay - Deductions

= $3,424 - $992.96

= $2,431.04

```

Therefore, your monthly take-home pay is **$2,431.04**.