Assume your gross pay per pay period is $1,700 and you are in the 25 percent tax bracket

Finance Dec 01, 2020

Assume your gross pay per pay period is $1,700 and you are in the 25 percent tax bracket. Calculate your net pay and spendable Income If you save $170 per pay period after paying income tax on $1700. (Do not round Intermediate calculations.) Net Pay & Spendable Income Netpay Spandable income

Expert Solution

net pay= gross pay*(1-tax rate)

=1700*(1-.25)=1275;

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spendable income=net pay-savings per pay period

=1275-170 =1105

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