Question

An annual gross income of $56,262 is taxed at a rate of 20.2%. Find the annual net income. Round your answer to the nearest cent.

Answer 1

Let's begin by listing out the information given to us

Annual gross income = $56,262

Tax rate = 20.2%

Annual net income = Annual gross income - (Annual gross income * Tax rate)

Annual net income = 56,262 - (56262 * 0.202) = 56262 - 11,364.924

Annual net income = 44,897.076

Annual net income = $44,897.08