Question

The seller owes $2,400 in taxes for the current year. With a May 28 closing date and using a calendar year, the seller will be debited how much? (Assume it is NOT a leap year.)

a) $700
b) $900
c) $1,200
d) $1,500

Answer 1

The seller will be debited $8,000.

Step-by-step explanation:

To determine how much the seller will be debited for taxes, we need to refer to the provided information in the table. The table shows the relationship between taxes and income. Since the seller owes $2,400 in taxes for the current year, we can find the corresponding income amount from the table. Looking at the table, we can see that an income of $8,000 corresponds to a tax owed of $2,400. Therefore, the seller will be debited $8,000.