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Assume that your starting salary will be $55,000 per year, and assume that you have no additional income sources. Also, assume that Federal income taxes are 27% of your gross income, and that there is not any state tax in Texas. What is your monthly net income?

Question
Assume that your starting salary will be $55,000 per year, and assume that you have no additional income sources. Also, assume that Federal income taxes are 27% of your gross income, and that there is not any state tax in Texas. What is your monthly net income?
check_circleAnswer
Step 1

Gross Annual income = A = $$ 55,000

Tax rate, T = 27%

Net annual inco...

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