Question

Mel Company has a net income, before taxes, of $95,000. The treasurer of the company estimates 45% of net income will have to be paid for federal and state taxes. The tax for both federal and state is:

Answer 1

95,000 x .45=$42,750 for both federal and state tax..
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Answer 2

The tax will be $42,750.

Explanation:

Mel Company has a net income, before taxes, of $95,000.

The treasurer of the company estimates 45% of net income will have to be paid for federal and state taxes.

So, the tax for both federal and state is:

`0.45*95000=42750` dollars

Therefore, the tax will be $42,750.