Fred makes 2250 a month for the first three months, he will get a 10%raise for the remainding year(9 months) he will then get an 8% raise for good work, at the end of the year they will take 15% for tax purposes. What will his total income be for the year..
2007-05-20 06:54:47 · 8 answers · asked by JJ D 2 in Science & Mathematics ➔ Mathematics
The way the question is worded, $2250 x 3=$6750
$2250 x 110%=2475 x 9=$22275 take the $6750 + $22275 = $29025 <-- this is the gross income for the year.
In the question it appears the 8% raise is at end of year so that wouldn't be irrelevant to his first twelve month income.
And because taxes is included in income you wouldn't have to subtract that, unless they were looking for NET income.
So based on the way the question is worded...$29025 would be the answer
not enough info to tell whether the 8% raise is retroactive to the first month work, or after the first three months, or for next years wages
2007-05-20 07:13:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
break the thing up: #1 - multiply $2250 X 3. #2 - 10% of $2250 is $225, so add that to $2250 = $2475 and multiply this by the remaining 9 months. Add #1 and #2 and then add 8%. Take the total and subtract 15% and that's your answer!
2007-05-20 14:00:08 · answer #2 · answered by Rising Star 4 · 0⤊ 2⤋
Income earned during the first 3 months= (2250)(3)=6750
A 10% raise yields an increase of $225 ((2250)(.10))
Thus, for the remaining 9 years he will gross( $2475)(9)=$22,275
Total annual gross = $6,750+$22,275=$29,025
A 15% tax deduction implies a retention of 85% of his income.
(.85)($29,025)=$24,671.25
2007-05-20 14:12:53 · answer #3 · answered by Brian N 2 · 0⤊ 1⤋
1st 3 months = 2250*3 = 6750
remaining 9 months = 9*2250*1.1 = 22,275
Total for year = 22,275+6750 = 29,025
Income after taxes = .85(29,025) = 24,671.25.
The 8% raise will not affect this year's income, but it will help next year.
2007-05-20 14:04:04 · answer #4 · answered by ironduke8159 7 · 0⤊ 1⤋
Mariamaria is right, except that you do --not-- add the last 8% onto his earnings since it was a raise that took effect at the end of the year âº
Doug
2007-05-20 14:03:59 · answer #5 · answered by doug_donaghue 7 · 0⤊ 1⤋
1st 3 mnths= 3(2,250)=6,750
9 mnths= 10% x2,250=9(225)=2,025
Total= 8,775 so far
8% x8,775=702
702+ 8,775=9,477
Tax=> 85% x9477=$8,055.45
His annual income is $8,055.45
2007-05-20 14:03:24 · answer #6 · answered by Phy A 5 · 0⤊ 2⤋
2250 x3 =6750
2250x1.1=2475, 2475x9=22,275
6750 + 22,275=29,025
29,025x1.08= 31,347
31,347x0.85= 26,644.95
2007-05-20 14:02:21 · answer #7 · answered by Anonymous · 0⤊ 1⤋
$24534.40
2007-05-20 14:04:05 · answer #8 · answered by i 2 · 0⤊ 1⤋