Register
Imagine that you earned $14,425 in one year. If the government enforces a 1596 income tax, how much money would you owe in taxes at the end of the year? Show your work.
116k views
3 votes
Imagine that you earned $14,425 in one year. If the government enforces a 1596 income

tax, how much money would you owe in taxes at the end of the year? Show your work.

User Joshua Kaplan
by
5.1k points

1 Answer

3 votes

Answer: $‭2,302.23‬

Step-by-step explanation:

Assuming the tax rate is 15.96%.

Tax is paid to the government to enable it take care of the nation's public needs.

Money owed in taxes = Annual earnings * Income tax rate

= 14,425 * 15.96%

= $‭2,302.23‬

User Avetis Zakharyan
by
5.1k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.3m questions

6.8m answers

Other Questions

Decker Tires' free cash flow was just FCF0 = $1.32. Analysts expect the company's free cash flow to grow by 30% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The WACC
For this question, assume that the expected rate of inflation is a function of the past year's inflation. Also, assume that the unemployment rate has been equal to the natural rate of unemployment for
Misk Co. purchased the following securities during 20X7 to be classified as held-to-maturity securities, trading securities, or available-for-sale securities: I. Debt securities bought and held for the
Risa has to work long hours and sometimes weekends, losing out on family time. Risa doesn't find her long hours overly stressful, but rather she sees it as her contribution to maintaining her family's
Which of the following should be considered last when searching for financing? Family members Banks Commercial finance companies Credit cards I'm guessing it's C but idk
Link Copied!