Jim’s bi-weekly gross pay is $1120.  He automatically has 25% of his paycheck go into his retirement account.  They also take $100.00 out of each paycheck for taxes.  After money is taken out for retirement and taxes, how much money will be on Jim’s paycheck?
He has 25% of his take-home pay automatically enrolled into his 401k so that’s .25*1120 = $280.00
His take-home pay is $1120.00 and $280.00 is taken out for retirement so that leaves 1120-280 = $840.00
They also take $100.00 out of his paycheck for taxes so his paycheck will be issued for 840-100 = $740.00