First, we need to calculate Lucia's monthly salary by dividing her annual salary by 12:
$14,500 / 12 = $1,208.33
Next, we need to calculate how much Lucia contributes to the payroll savings plan each month by multiplying her monthly salary by the percentage she contributes:
$1,208.33 x 0.06 = $72.50
Therefore, $72.50 is withheld each month for savings.
Lucia contributes 6% of her salary to a payroll savings plan. If her
annual salary is $14,500, how much is withheld each month for savings?
1 answer
1 answer