Question

If your gross monthly income is $2,500. What is your net monthly income after the government deducts the following percentages for taxes: Federal 25%, Indiana 3.4%, Social Security

6.1%, Medicare 1.4% and Local tax 1%.

Answer 1

$1,577.50

Explanation:

25+3.4+6.1+1.4+1= 36.9%

2,500*0.369 = 922.5

2500-922.5= 1577.5