Answer: $57,700.00
Explanation:
Total Gross Annual income = $70,000
a) Pension at 5% = $70,000(0.05) = $3,500
b) Employee Insurance at 2.4% = $70,000(0.024) = $1,680
c) Income Tax at 0% for $0-$11,000 = $11,000(0) = $0
Income Tax at 8% for $11,000-$25,000 = $14,000(0.08) = $1,120
Income Tax at 12% for $25,000-$50,000 = $25,000(0.12) = $3,000
Income Tax at 15% for $50,000-$100,000 = $20,000(0.15) =$3,000
Total Income Tax = $7,120
Annual Net Income = Gross - Pension - Employee Insurance - Income Tax:
$70,000 - $3,500 - $1,680 - $7,120 = $57,700