00:01
A person makes $28 per hour and is paid for a 40 -hour work week.
00:03
The person pays 15 % in federal income tax, 6 .2 % in social security, and 1 .45 % medicare tax.
00:10
The person also pays 3 % of the gross income for health insurance and pays $25 per month for life insurance.
00:17
First, we want to find the person's gross annual salary.
00:21
So that's just everything, the total salary before any of those deductions are taken out.
00:25
So we're going to assume a 52 -week year for an annual.
00:30
Annual pay period.
00:31
So we have $28 per hour and we're multiplying that by 40 hours and that'll give us the pay for just one week and then we need to multiply that by 52 since we have 52 weeks.
00:48
Our hours would cancel there so we have 28 times 40 times 52 so 28 times 40 there's one week we multiply that by 52 and then there's the annual salary the gross annual salary is $58 ,240.
01:04
So that was $58 ,240.
01:12
Okay, next we want to find the gross monthly salary.
01:15
So we would just divide that by 12.
01:17
$58 ,240 divided by 12.
01:22
Just divide that answer by 12...