Based on the calculation below, Cheryl's net pay is $1,667.50.
Cheryl's net pay can be calculated using the following formula:
Net pay = Gross pay * (100% - 30% - 12%) ......................... (1)
Substituting for gross pay in equation (1), we have:
Net pay = $2,875 * (100% - 30% - 12%)
Net pay = $2,875 * 58%
Net pay = $1,667.50
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After tax and voluntary deduction, Cheryl's net pay is $1,667.50.
Given that, Cheryl's gross pay= $2,875.
Tax deduction=30%, and Voluntary deductions=12%.
We need to calculate how much was Cheryl's net pay.
What is the difference between gross pay and net pay?
Employees earn gross compensation before taxes, benefits, and other payroll deductions are deducted from their pay. Net pay, often known as take-home pay, is the amount left over after all withholdings have been deducted.
We know that Net pay = Gross pay×(100% - 30% - 12%) ......................... (1)
Substituting for gross pay in equation (1), we get
Net pay = $2,875×(100% - 30% - 12%)
Net pay = $2,875×58%
Net pay = $1,667.50
Hence, after tax and voluntary deduction, Cheryl's net pay is $1,667.50.
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