percentages

[s3an25]

if i earn £600 a week and pay 5% retention to my company
and then pay 20% tax it leaves me with £456

£600
-5%(£30)
-20%(£114
=£456
if you do the sum the otherway round it dosnt work out
£456
+ 20%
+5%
=£574.56
i need to know how much retention i payed each week all i have is the sum of money that went in the bank can anyone help
examples £202.49
£183.39
£307.04

 

[Deleted member 4993]

if i earn £600 a week and pay 5% retention to my company
and then pay 20% tax it leaves me with £456

£600
-5%(£30)
-20%(£114
=£456 <<< Correct
if you do the sum the otherway round it dosnt work out <<< It shouldn't - think about it

100 - 20% of 100 = 80

80 + 20% of 80 = 96
£456
+ 20%
+5%
=£574.56
i need to know how much retention i payed each week all i have is the sum of money that went in the bank can anyone help
examples £202.49
£183.39
£307.04

 

[s3an25]

how can i find out how much the 5% retention is by only the amount in the bank

 

[Deleted member 4993]

how can i find out how much the 5% retention is by only the amount in the bank

So you are saying - you do not know the gross-pay at the begining of the month?

If that is so - define that as your unknown (x)

Gross pay = x

retention = 0.05 * x

tax = (1 - .05) * x * 0.2 = .19 * x

Amount in the bank = x - 0.05 * x - 0.19 * x

find 'x'

find retention 0.05 * x

 

[s3an25]

thanks for the info mate but you have lost me im confused ( i knew i should have listned at school)

 

[Deleted member 4993]

thanks for the info mate but you have lost me im confused ( i knew i should have listned at school)

Follow the steps I have outlined - show me where did I lose you.