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How many is your monthly cash inflow if you can earn $80 a week but about 20 percent is withdrawn from your check for taxes assume there are 4 weeks in the month

Sagot :

My monthly cash inflow after a 20% tax has been withdrawn from my check is $256.

My monthly cash inflow is the amount I earn per month less total tax I pay.  A tax is a compulsory sum that is levied on goods and services. Taxes reduces the total amount I would earn.

In order to determine my monthly cash flow, the first step is to determine my total income without taxes.

Total monthly income = weekly earnings x 4

$80 x 4 = $320

The second step is to determine the taxes I would pay on my monthly income.

Taxes paid = percentage tax rate x monthly income

$320 x 20%

0.2 x $320 = $64

The third step is to subtract the taxes I would pay from my monthly income.

$320 - $64 = $256

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