If a man earns a salary of $34,892 a year and is paid weekly, how much is his weekly paycheck before taxes?The man earns $ weekly before taxes.(Round to the nearest cent as needed.)

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If a man earns a salary of $34,892 a year and is paid weekly, how much is his weekly paycheck before taxes?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Tax Deferred Retirement Benefits

It stands for Simplified Employee Pension Individual Retirement Account. This savings plan is for self-employed persons such as independent contractors, freelancers, entrepreneurs, etc. The tax rules of SEP IRA are the same as traditional IRA. Entrepreneurs can also open SEP IRA accounts for their employees and gain a tax advantage. The employees cannot make contributions to these accounts by themselves however they will be taxed upon withdrawal.

Question

If a man earns a salary of $34,892 a year and is paid weekly, how much is his weekly paycheck before taxes?
The man earns $ weekly before taxes.
(Round to the nearest cent as needed.)

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The salary of a person can be determined on weekly, monthly or annual basis by adjusting the related time factor.

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