Question

John's annual salary is $71,000. A total of $17,555.48 will be deducted for taxes and health insurance. He will receive his paycheck monthly in 12 equal installments. How much will he get paid with each paycheck?

Answer 1

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Given:

Annual salary = $71,000

Total deductions = $17,555.48

Number of installments = 12

Annual salary after deductions:

`\displaystyle \text{Annual salary after deductions} = \text{Annual salary} - \text{Total deductions}`

`\displaystyle \text{Annual salary after deductions} = \$71,000 - \$17,555.48`

`\displaystyle \text{Annual salary after deductions} = \$53,444.52`

Monthly paycheck:

`\displaystyle \text{Monthly paycheck} = \frac{{\text{Annual salary after deductions}}}{{\text{Number of installments}}}`

`\displaystyle \text{Monthly paycheck} = \frac{{\$53,444.52}}{{12}}`

`\displaystyle \text{Monthly paycheck} \approx \$4,453.71`

Therefore, John will receive approximately $4,453.71 with each monthly paycheck.

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