Last year a construction worker had a gross income $ 29,700, of the which he contributed 7% to his 401(k) plain. If he got paid

Question

2 years ago

13

monthly how much money would be deducted from each of paycheck for his 401(k) plan?
A. 173.25
B. 86.63
C. 39.98
D. 297.00

1 answer:

AlladinOne [14] · Answer 1 · 2022-07-28T02:16:48+03:00

8 0

Divide the gross income by 12 to find his monthly pay:

29,700 / 12 =$2,475 per month.

Multiply his monthly pay by 7%:

2,475 x 0.07 = $173.25 into his 401(k) per month.

The answer is A.