Exercise

Salary and taxes

You just got a new job as an entry-level Data Scientist at a technology company in New York City with a decent starting salary of $85,000 per year.

Unfortunately, after state and local taxes, you can expect to be sending roughly 30% back to the government each year.

You will need to calculate your monthly take home pay after taxes in order to begin budgeting.

Instructions

100 XP
  • Assume a 30% tax rate and a base salary of $85,000.
  • Calculate your take home salary after taxes.
  • Calculate your monthly salary after taxes (Hint: You can use simple division in this case).