On a $4000 investment, you earn 10% in one year. however, you are taxed 15% of your earnings. how much did you have to pay in taxes?

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asked Mar 9, 2024 4.9k views

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Zyzle · Answer 1 · 2024-03-15T17:42:35+0000

Answer:

$60

To calculate the amount you have to pay in taxes on your investment, follow these steps: 1. Calculate your earnings on the $4000 investment by multiplying it by the 10% interest rate: $4000 * 0.10 = $400 2. Next, calculate the amount of taxes you need to pay by multiplying your earnings by the tax rate of 15%: $400 * 0.15 = $60

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On a $4000 investment, you earn 10% in one year. however, you are taxed 15% of your earnings. how much did you have to pay in taxes?

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