Arun's gross annual salary is 80,000 Rupees. His wife contributes 10%

1.	Arun's gross annual salary is 80,000 Rupees. His wife contributes 10% of his salary before taxes to a retirement account. He pays 25% of his remaining salary in state and federal taxes. Finally, he pays 60 Rupees per month for health insurance. What is Arun’s annual take-home pay?1. 51,280 Rupees2. 54,200 Rupees3. 53,280 Rupees4. 52,280 Rupees5. 50,280 Rupees
Answer» Correct Answer - Option 3 : 53,280 Rupees Given: Arun gross annual salary is 80,000 Rupees His wife contributes 10% of her salary before taxes to a retirement account Then he pays 25% of his remaining salary in state and federal taxes Finally, he pays 60 Rupees per month for health insurance Calculation: Arun receives 80,000. First he contributes 10% of his salary to a retirement account. ⇒ 80,000 × (10/100) ⇒ 8,000 ⇒ 80,000 – 8,000 = 72,000 Rupees After, contributing to his retirement account, Arun has 72,000 Rupees. Then she pays 25% in taxes. ⇒ 72,000 × (25/100) ⇒ 18,000 ⇒ 72,000 – 18,000 = 54,000 After, paying taxes, Arun has 27,000 Rupees left. Finally, he pays 30 Rupees per month for health insurance. ⇒ 60 × 12 ⇒ 720 Rupees Remaining salary, ⇒ 54,000-720 ⇒ 53,280 Rupees ∴ Arun's annual take-home pay is 53,280 Rupees.

Arun's gross annual salary is 80,000 Rupees. His wife contributes 10% of his salary before taxes to a retirement account. He pays 25% of his remaining salary in state and federal taxes. Finally, he pays 60 Rupees per month for health insurance. What is Arun’s annual take-home pay?1. 51,280 Rupees2. 54,200 Rupees3. 53,280 Rupees4. 52,280 Rupees5. 50,280 Rupees

Answer» Correct Answer - Option 3 : 53,280 Rupees

Given:

Arun gross annual salary is 80,000 Rupees

His wife contributes 10% of her salary before taxes to a retirement account

Then he pays 25% of his remaining salary in state and federal taxes

Finally, he pays 60 Rupees per month for health insurance

Calculation:

Arun receives 80,000.

First he contributes 10% of his salary to a retirement account.

⇒ 80,000 × (10/100)

⇒ 8,000

⇒ 80,000 – 8,000 = 72,000 Rupees

After, contributing to his retirement account, Arun has 72,000 Rupees.

Then she pays 25% in taxes.

⇒ 72,000 × (25/100)

⇒ 18,000

⇒ 72,000 – 18,000 = 54,000

After, paying taxes, Arun has 27,000 Rupees left.

Finally, he pays 30 Rupees per month for health insurance.

⇒ 60 × 12

⇒ 720 Rupees

Remaining salary,

⇒ 54,000-720

⇒ 53,280 Rupees

∴ Arun's annual take-home pay is 53,280 Rupees.