Holly's paycheck is $1500 per fortnight.Holly's tax for the year is $11 000.How much is her yearly gross income?
Question
Holly's paycheck is 11 000.How much is her yearly gross income?
Solution
Step 1: Determine how many fortnights are in a year. A fortnight is a period of two weeks. Since there are 52 weeks in a year, there are 26 fortnights in a year (52 weeks ÷ 2).
Step 2: Calculate Holly's gross income per fortnight. We know that Holly's paycheck is $1500 per fortnight.
Step 3: Calculate Holly's gross income for the year. Multiply the gross income per fortnight by the number of fortnights in a year. So, 39,000.
Step 4: Add the tax to the gross income to get the total gross income. We know that Holly's tax for the year is 39,000 + 50,000.
Therefore, Holly's yearly gross income is $50,000.
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