The median household income is estimated to be approximately $60,000 annually. This total may be for...

 

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The median household income is estimated to be approximately $60,000 annually. This total may be for one or two wage- earners in the family. A typical income tax, including federal, state, social security, and Medicare may total 23% of the gross pay. George, who earns an average annual wage, wants to begin saving for retirement immediately. If he saves pre-tax into an approved retirement account, no taxes will be deducted from the saved amount until he retires. If George saves 7% of his gross annual pay into the retirement account, what is the gross pay amount on which George will pay taxes? The median household income is estimated to be approximately $60,000 annually. This total may be for one or two wage- earners in the family. A typical income tax, including federal, state, social security, and Medicare may total 23% of the gross pay. George, who earns an average annual wage, wants to begin saving for retirement immediately. If he saves pre-tax into an approved retirement account, no taxes will be deducted from the saved amount until he retires. If George saves 7% of his gross annual pay into the retirement account, what is the gross pay amount on which George will pay taxes?