Question

Jack has $711.86 taken out of his check each pay period for taxes. If Jack is in the 24% tax bracket, how much is his gross pay?

the nearest cent.

Answer 1

Jack's gross pay, to the nearest cent, is $2966.92.

Explanation:

If $711.86 is 24% of Jack's gross pay, you can calculate his total gross pay by dividing the amount taken out for taxes by the percentage that represents this deduction.

This is solved using the formula:

Gross Pay = Amount taken out for taxes / Tax rate (as a decimal)

In this case, the amount taken out for taxes is $711.86, and the tax rate is 24%, which in decimal form is 0.24.

So, Gross Pay = $711.86 / 0.24 = $2966.92.