Questions: Jackson earns 48,000 per year at his job as a home health aide and is paid monthly. His most recent paycheck includes the following deductions: FICA 306.00 Federal income tax 320.00 State income tax 200.00 Health insurance 135.25 Retirement savings 250.50 Considering his deductions, what percentage of his gross pay did Jackson take home?

Jackson earns 48,000 per year at his job as a home health aide and is paid monthly. His most recent paycheck includes the following deductions: FICA 306.00 Federal income tax 320.00 State income tax 200.00 Health insurance 135.25 Retirement savings 250.50 Considering his deductions, what percentage of his gross pay did Jackson take home?
Transcript text: Jackson earns $\$ 48,000$ per year at his job as a home health aide and is paid monthly. His most recent paycheck includes the following deductions: \begin{tabular}{|l|l|} \hline FICA & $\$ 306.00$ \\ \hline Federal income tax & $\$ 320.00$ \\ \hline State income tax & $\$ 200.00$ \\ \hline Health insurance & $\$ 135.25$ \\ \hline Retirement savings & $\$ 250.50$ \\ \hline \end{tabular} Considering his deductions, what percentage of his gross pay did Jackson take home?
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Solution

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Solution Steps

Step 1: Calculate Monthly Gross Pay

Monthly Gross Pay (M) is calculated by dividing the Annual Gross Pay (P) by 12. Given P = $48000, M = P / 12 = $4000.

Step 2: Calculate Total Deductions

Total Deductions (TD) is the sum of all individual deductions. Given deductions = [306, 320, 200, 135.25, 250.5], TD = sum(deductions) = $1211.75.

Step 3: Calculate Monthly Net Pay

Monthly Net Pay (NP) is calculated by subtracting Total Deductions (TD) from Monthly Gross Pay (M). NP = M - TD = $4000 - $1211.75 = $2788.25.

Step 4: Calculate Net Percentage of Gross Pay Taken Home

Net Percentage of Gross Pay Taken Home (NP%) is calculated by dividing Monthly Net Pay (NP) by Monthly Gross Pay (M) and multiplying by 100. NP% = (NP / M) * 100 = (2788.25 / 4000) * 100 = 69.71%.

Final Answer

The net percentage of gross pay taken home after deductions is 69.71%.

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