Question
If someone eams an annual salary of $70,000 and pays 30% in taxes, what would their annual take-home pay be?
Answers
GPT-4o mini
To calculate the annual take-home pay after taxes, start by determining the amount paid in taxes.
1. Calculate the amount paid in taxes:
\[
\text{Taxes} = \text{Annual Salary} \times \text{Tax Rate}
\]
\[
\text{Taxes} = 70,000 \times 0.30 = 21,000
\]
2. Subtract the taxes from the annual salary to find the take-home pay:
\[
\text{Take-home Pay} = \text{Annual Salary} - \text{Taxes}
\]
\[
\text{Take-home Pay} = 70,000 - 21,000 = 49,000
\]
Thus, the annual take-home pay would be **$49,000**.
1. Calculate the amount paid in taxes:
\[
\text{Taxes} = \text{Annual Salary} \times \text{Tax Rate}
\]
\[
\text{Taxes} = 70,000 \times 0.30 = 21,000
\]
2. Subtract the taxes from the annual salary to find the take-home pay:
\[
\text{Take-home Pay} = \text{Annual Salary} - \text{Taxes}
\]
\[
\text{Take-home Pay} = 70,000 - 21,000 = 49,000
\]
Thus, the annual take-home pay would be **$49,000**.