you want to take home a net paycheck in the amount at 2000 a

Syles You want to take home a \'net\' paycheck in the amount of $2,000 a week. You work 40 hours a week Your tax rate is 25%. 1 What must your gross annual salary be? 2 What must your hourly rate be? 52 vWeeks in a year

Solution

Gross and Net Annual Income:

                Gross annual income represents the amount of money a person earns in one year from all sources before taxes. Net Annual Income would be the amount left after taxes and other deductions, such as your portion of your medical insurance, are subtracted from your gross pay in a year.

Given that the information:

Net pay amount is: $2,000 a week;

40 hours a week; Tax rate is 25%

Net Annual Salary (2,000) = Gross Annual Salary (G) x 75/100

                                2, 000/100 = G x 75

                                75 G = 200,000

                                G = 2,666.67

Therefore Gross Annual Salary in a week: $2,666.67

For 52 weeks: 2,666.67 x 52 = 138,666.67

Hourly rate be: 2,666.67/40 = 66.67