Question

If you earned $1850 in this pay period, but you had to pay 29% taxes of your earnings, how much taxes are you paying in dollars? How much is left for you?

Answer 1

Therefore, you are paying $536.50 in taxes and you have $1313.50 left for yourself.

Explanation:

To find out how much taxes you are paying, you can multiply your earnings by the tax rate expressed as a decimal:

• Tax amount = 0.29 × 1850
• Tax amount = 536.50

To find out how much is left for you after paying taxes, you can subtract the tax amount from your earnings:

• Earnings after taxes = 1850 - 536.50
• Earnings after taxes = 1313.50

Therefore, you are paying $536.50 in taxes and you have $1313.50 left for yourself.