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Find the Equivalent Earnings

question 3

Multiple Choice

Find the equivalent earnings.
-Chuck earns $387 a week, but is paid semimonthly. How much is he paid at the end of a pay period?

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Definitions:

Proportional Income Tax

A tax system where the tax rate is constant, regardless of the income level; everyone pays the same percentage of their income.

Taxes

Compulsory financial charges imposed by a government on individuals, corporations, and transactions to fund public expenditures.

Proportional Tax

A taxation system where the tax rate remains constant regardless of the amount of income or value of the goods.

Average Tax Rate

The ratio of the total amount of taxes paid to the taxpayer's total income, expressed as a percentage.