Question

Rob earns $4200 per month at his new job. He pays the following taxes: 6.2% for social security 1.45% for Medicare 16% for federal income tax • 5.5% for state income tax Calculate his annual net income.

Answer 1

$35,708.4

Step-by-step explanation:

His net income will be the total that he earns less the taxes.

So, we need to calculate how much money does Rob pays for each tax.

Therefore, 6.2% of 4200 is equal to:

`4200*6.2\text{ \% =4200 }*(6.2)/(100)=260.4`

It means that Rob pays $260.4 each month for social security,

In the same way, 1.45% of 4200 is equal to:

`4200*1.45\text{ \% = 4200}*(1.45)/(100)=60.9`

16% of 4200 is equal to:

`4200*16\text{ \% = 4200}*(16)/(100)=672`

5.5% of 4200 is equal to:

`4200*5.5\text{ \% = 4200}*(5.5)/(100)=231`

Now, we can calculate the net income per month as:

$4200 - $260.4 - $60.9 - $672 - $231 = $2975.7

Finally, his annually net income will be the net income per month multiplied by 12 months:

$2975.7 x 12 = $35,708.4

So, the answer is $35,708.4