Homework Answers
Gross Pay per pay Period = $3800.00
Savings per pay period = $380.00
Tax rate = 28%
Savings are tax sheltered, therefore no tax deduction on income to the amount of savings made
Therefore taxable income = Gross Pay per pay Period - Savings per pay period
=$3800.00 - $380.00 = $3420.00
Net pay = taxable income *(1- tax rate)
= $3420.00 * (1-28%)
= $2,462.40
Spendable income will be equal to Net pay in this case as savings are already deducted before tax deduction.
Therefore
Spendable income= $2,462.40
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