Question

Question 1. imagined that you earned $8,425 in a one year. If the government enforces a 15% income tax, how much money would you owe in taxes at the end of the year? Question 2. your parents have been advised to save 5% of their income for your college education, which would include money for housing, tuition, books, and feet. How much would you parents have saved in one year, following the recommended 5%, and they had an average household income of $48,948?

Answer 1

1.you will owe 15% of the total earned

so

`\begin{gathered} 8425*(15)/(100) \\ =1263.75 \end{gathered}`

you are going to owe $1,263.75

2. calculate the 5% from $48,948

`\begin{gathered} 48948*(5)/(100) \\ =2447.40 \end{gathered}`

they would have saved $2,447.40