Question

- A married couple decided to file their taxes jointly. Their joint (total) income for the

year is $155,920. Since the couple does not have any kids yet, they are required to
pay a 30% annual income tax rate.
How much does the couple have to pay in income taxes for the year?

Answer 1

They will pay $46,776 in income taxes. The money they will have after income taxes is $109,144.

Explanation:

Because this problem involves a deduction of a percentage, you first need to multiply 155,920 by 30% in its decimal form - .30.

Then, with that answer - 46,776 - you subtract it from their total income - 155,920 - and get 109,144.

Now you have what they lose and what they have after the deduction.

So, they will pay $46,776 in income taxes and keep $109,144.

Hope this helps :)