95.9k views
5 votes
What is the tax rate in percent of someone who pays $17,000 in taxes on an income of $80,000 ?

User EugeneS
by
7.7k points

1 Answer

5 votes

Main Answer:

The tax rate for someone paying $17,000 in taxes on an income of $80,000 is 21.25%.

Step-by-step explanation:

To calculate the tax rate, you divide the amount of taxes paid by the income and then multiply by 100 to express it as a percentage. In this case, the formula is:


\[ \text{Tax Rate} = \left( \frac{\text{Taxes Paid}}{\text{Income}} \right) * 100 \]

Substituting the given values, we get:


\[ \text{Tax Rate} = \left( (17,000)/(80,000) \right) * 100 \]

Solving this expression gives the tax rate as 0.2125. To express it as a percentage, we multiply by 100, yielding a tax rate of 21.25%.

Understanding the tax rate is essential for individuals to assess the portion of their income allocated to taxes. It's a key metric for financial planning and budgeting, helping individuals make informed decisions about their income and expenses. In this scenario, the tax rate indicates that approximately 21.25% of the individual's income goes towards taxes, providing valuable information for financial management.

User UncleAdam
by
7.5k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories