Imagine that you earned $8,425 in one year. If the government enforces a 15% income tax, how much money would you owe in taxes at the end of the year? Show your work.
Answer:
$1,263.75
Explanation:
Given information
Earning made in one year = $8,425
Income tax rate = 15%
By considering this information, the tax amount at the end of the year is
= Earning made in one year × income tax rate
= $8,425 × 15%
= $1,263.75
In order to determine the tax amount we simply multiplied the earnings with the income tax rate so that the approximate value could come.