Question

A lawyer has an annual income of $173, 482 and will pay a 5.5% income tax rate. What is the amount of income tax in dollars and cents that the lawyer will have too pay?​

Answer 1

$9,541.51

Explanation:

we know that

5.5%=5.5/100=0.055 ----> income tax rate in decimal form

To find out the amount of income tax, multiply the income tax rate in decimal form by the annual income

so

0.055(173,482)=$9,541.51