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Jarrod earns an annual salary of $55,300. This year he will receive a 2% bonus. Jarrod pays 17% in taxes and 5% on benefits. What is Jarrod’s net income for the year?

Answer :

Jarrod's annual salary: $55 300

What he receives:

- 2% bonus

What he pays:

- 17% in taxes

- 5% on benefits

Then:

[tex]2\%-17\%-5\%=-20\%[/tex]

We conclude that the net income for the year will be 80% of his annual salary:

[tex]\frac{80}{100}\cdot55300=\$44240[/tex]

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