Jim’s bi-weekly gross pay is $1120. He automatically has 25% of his paycheck go into his retirement account. They also take $100.00 out of each paycheck for taxes. After money is taken out for retirement and taxes, how much money will be on Jim’s paycheck?
Thoughts? Step-by-step reasoning:
User
He has 25% of his take - home pay automatically enrolled into his 401k so that’s .25 * 1120 = $280.00. His take - home pay is $1120.00 and $280.00 is taken out for retirement so that leaves 1120 - 280 = $840.00. They also take $100.00 out of his paycheck for taxes so his paycheck will be issued for 840 - 100 = $740.00.
Thus, the answer is 740.
Assistant