Question

Determine the tax if a flat tax of 15% is applied to an income of $400,000.

Answer 1

Hey there!

Let's start by simply finding 1% of $400,000.

To do this we can divide by 100, since 1% is the same thing as 1/100.

400,000 ÷ 100 = 4,000

Next, we can multiply 4,000 by 15, because 4,000 is 1% and we are looking for 15%.

4,000 x 15 = 60,000

This means the tax is $60,000.

Hope this helps!