Answer: $80,735
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Work Shown:
33% = 33/100 = 0.33
33% of 120,500 = 0.33*(120,500) = 39,765
Michael pays $39,765 in taxes
This makes his net pay to be 120,500-39,765 = 80,735 dollars.
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A shortcut is to compute
0.67*(120,500) = 80,735
The 0.67 refers to the fact that if he pays 33% of his gross income, then he keeps the remaining 100% - 33% = 67% of it.
