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Assume income tax is 44% and your annual salary is $29958 how many dollars do you pay in taxes? Round your answer to 2 decimal places

User Crazybob
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Definition

An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income.

Given:

tax rate = 44%

Annual salary (taxable income) = $29958

The amount paid in tax is the tax rate times the annual salary i.e:


\text{Amount paid in tax = tax rate }*\text{ annual salary}

Substituting the given values we have:


\begin{gathered} \text{Amount paid in tax = }(44)/(100)\text{ }*29958 \\ =\text{ 13181.52} \end{gathered}

Answer: $13181.52

User Oskar Grosser
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