Question

Randy earned $64,241.00 of taxable income last year. If the federal income tax rate was 24%, then how much federal income tax did Randy pay on his taxable income last year?

Answer 1

The amount paid as federal income tax is $15417.8

Explanation:

Randy earned $64,241.00 of taxable income last year

The federal income tax rate was 24%.

Amount earned is $64241

Taxable income rate was 24%

The amount paid for federal income tax will be equal to the taxable income rate multiplied by the total amount earned.

=
`(24)/(100) * 64,241`

=
`0.24 * 64,241`

= $15417.8

Hence, the amount paid as federal income tax is $15417.8

Answer 2

Answer: $15417.8

Explanation:

Last year, Randy earned $64,241.00 of taxable income.

The federal income tax rate was 24%.

Amount earned= $64241

Taxable income rate = 24%

Amount paid as taxable income will be equal to the taxable income rate multiplied by the amount earned. This will give:

24% of $64241

= 24/100 × 64241

= 0.24 × 64241

= $15417.8

The amount paid as federal tax is $15417.8