Question

What would the taxes be on an annual salary of $43,972.00, I, if the taxes, T, are T = 0.15(I − 5,000.00) + 1,000.00?

Answer 1

Taxes would be $6,845.80.

Explanation:

Note:

• Taxes are compulsory payments made by individuals or entities to a government, typically based on income, wealth, or other criteria. Taxes are used to fund government activities, such as education, healthcare, and infrastructure.

• Annual salary is the total amount of money earned by an individual from a job in a year. It is usually calculated per calendar year, covering the period from January to December.

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For the Question:

In order to calculate the taxes on an annual salary of $43,972.00(I) using the given tax formula:

`\sf T = 0.15(I - 5,000.00) + 1,000.00`

We need to plug the value of I(the annual salary) into the formula.

In this case, I = $43,972.00,

So, substituting the value of I

`\sf T = 0.15(43,972.00 - 5,000.00) + 1,000.00`

Calculate the value inside the parentheses:

`\sf T = 0.15(38,972.00) + 1,000.00`

Calculate the multiplication:

`\sf T = 5,845.80 + 1,000.00`

Add the number:

`\sf T= 6,845.80`

So, the taxes (T) on an annual salary of $43,972.00 would be $6,845.80.