Answer: $35,034
Explanation:
AI-generated answer
To determine the woman's net annual salary, we need to consider her gross salary, the non-taxable deduction for mortgage loan interest, and the income tax rates.
Given:
- Gross annual salary: $45,800
- Non-taxable deduction for mortgage loan interest: $5,760
To calculate the net annual salary, we need to subtract the non-taxable deduction from the gross salary:
Net annual salary = Gross annual salary - Non-taxable deduction
Net annual salary = $45,800 - $5,760
Net annual salary = $40,040
Now, we need to determine the income tax based on the net annual salary using the provided tax rates:
Income tax rates:
- 10% for the first $20,000 of income
- 15% for the income above $20,000
To calculate the income tax, we will calculate the tax for each portion of the income and then add them together:
Tax for the first $20,000 = $20,000 * 0.10 = $2,000
Tax for the remaining income = ($40,040 - $20,000) * 0.15 = $3,006
Total income tax = Tax for the first $20,000 + Tax for the remaining income
Total income tax = $2,000 + $3,006
Total income tax = $5,006
Finally, to calculate the woman's net annual salary after deducting income tax:
Net annual salary after income tax = Net annual salary - Total income tax
Net annual salary after income tax = $40,040 - $5,006
Net annual salary after income tax = $35,034