Final answer:
James will pay a total of $1,500 in state taxes on his $50,000 at a 3% tax rate. The calculation is straightforward, involving multiplying the income by the tax rate.
Step-by-step explanation:
To calculate the total tax James must pay on his $50,000 at a state tax rate of 3%, we apply the formula for tax calculation: tax amount = income x tax rate. Here, James's tax would be $50,000 x 0.03, which equals $1,500. This amount represents the total tax James would pay at the 3% tax rate.
Therefore, when dealing with percentages and taxes, the formula is straightforward: multiply the tax rate by the income. To make sure James budgets accordingly, understanding this concept is essential for financial literacy and planning.To calculate the total amount James will pay in taxes, we need to find 3% of $50,000. The word 'of' in math usually means to multiply, so we can multiply 3% by $50,000 to find the amount in taxes.
3% of $50,000 = 0.03 x $50,000 = $1,500
Therefore, James will pay $1,500 in taxes.