Question

Mike pays $8,000 in property taxes, but receives a 28% tax deduction for it. What is Mike’s net expense for property taxes

Answer 1

$5760

Explanation:

Given data

Principal= $8,000

Tax= 28%

Let us compute 28% tax deduction

=28/100*8000

=0.28*8,000

=$2240

Hence the net expenses is

=8000 -2240

=$5760