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Question 1036467: After you worked for a year, you recieve a 10% raise, but your health insurance increased to $300 a month and you want to now put 4% away for retirement. What is your new yearly gross income, your monthly gross, and your net income per month?
Answer by JBarnum(2146)   (Show Source):
You can put this solution on YOUR website! ok several things are missing in this question like the obvious factor is what is your income. secondly are you investing 4% per month or per year for retirement?
i will just fill in the blanks and give an example
36,000 per year income that is 3000/month
insurance is 300/month but as for your questions this deduction doesn't even matter as you are asking for gross not after taxes or insurance. so we can negate that factor.
all that's left with is a 10% raise which matters to gross
and 4%/mo retirement but retirement funds typically get taken out after gross but since there isn't much left i will include it as a deduction if the retirement is taken out of the paycheck from employer.
a 10% raise from 36000 is 3600 meaning you now make 39600 per year gross
but if retirement is a deduction from gross then we subtract 4% which is 1584 which leaves 38016/yr gross ....and for sake of this odd problem if insurance is to be taken out it would be 300*12=3600, and subtract that from line above 38016-3600=34416
yearly gross with raise is 39,600
yearly gross with raise and retirement deduction is 38,016
yearly gross with raise and retirement deduction and year of insurance deduction is 34,416
monthly gross with raise is 3300
monthly gross with raise and retirement deduction is 3168
monthly gross with raise and retirement deduction and month of insurance deduction is 2868
net income already provided
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