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24 March, 12:10

Vicky works in retail. Her annual gross salary is $24,000. From this, she must pay 15% income tax. In addition, she must repay a loan at a rate of $120 per month. The loan amount is taken out of her post-tax pay (i. e. after the tax has been calculated). What is Vicky's take home pay per month?

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  1. 24 March, 12:53
    0
    Answer: Vicky's take home pay per month is $1,580

    Step-by-step explanation: If Vicky's annual gross salary (salary before any deductions) is given as 24000, then her monthly gross salary is derived as;

    Salary Per month = 24000/12

    Salary per month = 2000

    She must pay 15 percent income tax and this derived as follows;

    Income tax = 2000 x 0.15

    Income tax = 300

    Therefore her salary after tax deduction is derived as follows;

    Salary after tax = 2000 - 300

    Salary after tax = 1700

    However, she must repay a loan (after tax deduction) at a rate of 120 per month, which is now derived as follows;

    Salary after loan repayment = 1700 - 120

    Salary after loan repayment = 1580

    Therefore the calculations show that her take home pay after all adjustments comes down to $1,580 per month.
  2. 24 March, 13:40
    0
    Vicky's take home pay per month will be $1,580

    Step-by-step explanation:

    Given that her salary per annual i. e salary for the year = $24,000

    Therefore salary per month would be $24,000/12 = $2,000.

    From this, she must pay 15% income tax.

    i. e 15% of salary

    15/100 * 2000

    = 0.15*2000

    = $300.

    Salary after paying tax = $2,000 - $300 = $1,700.

    Since, she must repay a loan at a rate of $120 per month we will reduct the loan from her salary,

    $1,700 - $120 = $1,580

    Vicky's take home pay per month will be $1,580
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