BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You shouldn’t expect to see your full gross pay on your checks because ____ will reduce it by 20-25%.
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goals
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interest
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debt
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taxes
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Explanation:
Detailed explanation-1: -Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations. Voluntary deductions: Life insurance, job-related expenses and retirement plans.
Detailed explanation-2: -If you make ₹ 2, 500, 000 a year living in India, you will be taxed ₹ 885, 000. That means that your net pay will be ₹ 1, 615, 000 per year, or ₹ 134, 583 per month. Your average tax rate is 35.4% and your marginal tax rate is 43.2%.
There is 1 question to complete.