Using proportions, it is found that his net pay is of $158,040.
What is a proportion?
A proportion is a fraction of a total amount, and the measures are related using a rule of three.
His first discount is for the retirement account, hence the taxable amount is:
T = 240000 - 20500 = $219,500.
He pays 28% of that in taxes, hence his net pay is of 100 - 28 = 72% of $219,500, hence:
N = 0.72 x 219500 = $158,040.
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