is the answer right?

Question

salary of 2,240$ per month if 18% is deducted for income tax and 6% is deducted for savings how much will joe take home given anwser is $1,702.40

Answer 1

To calculate Joe's take-home salary after deductions for income tax and savings, we'll follow these steps:

1. Start with the gross salary: $2,240.

2. Calculate the income tax deduction: \[ \text{Income tax} = 2,240 \times 0.18 = 403.20 \]

3. After deducting the income tax, the remaining salary is: \[ 2,240 - 403.20 = 1,836.80 \]

4. Now calculate the savings deduction from this remaining amount: \[ \text{Savings} = 1,836.80 \times 0.06 = 110.208 \]

5. Subtract the savings from the remaining salary: \[ 1,836.80 - 110.208 = 1,726.592 \]

So, Joe will take home approximately $1,726.59 after both deductions, not $1,702.40. Thus, the given answer of $1,702.40 is incorrect.