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An employee makes a gross salary of 48,000 per year 15% of that money goes toward taxes of the employee invest 20% of his gross salary in a pre tax 401k. How much of that money went towards taxes

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jmaes49
First calculate his gross salary after his 401k contributions:
[tex]x = 48000 - (48000 \times 0.20) \\ x = 38400[/tex]

Then find the amount of taxes withheld:
[tex]t = 38400(0.15) \\ t = 5760[/tex]

5,760 dollars went towards taxes.

Answer:

Therefore, $5760 went towards taxes.

Step-by-step explanation:

An employee makes a gross salary of 48,000 per year.

15% of that money goes toward taxes of the employee invest 20% of his gross salary in a pre tax 401k.

[tex]48000\times0.80=38400[/tex] dollars

This is the income.

And its 15% goes towards tax.

[tex]0.15\times38400=5760[/tex] dollars

Therefore, $5760 went towards taxes.