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Can anyone please help me answer this Math Question ? As soon as possible !!

Igor, a heating system salesman, is single with 3 dependents. He earns $57,900 annually, and his state's tax rate is 3%. If he earns $8,000 in exemptions, how much does he pay in annual state income tax?


Sagot :

Igor's taxable income is the difference between the amount

he earns annually and the amount he earns as exemptions.

Response:

  • The amount he pays in annual state income tax is; $1,497

Which methods are used to calculate income tax?

Given;

Annual earnings = $57,900

State tax rate = 3%

Amount earned in exemption = $8,000

Required:

The amount Igor pays in annual state income tax.

Solution;

Taxable Income = Annual Income - Exemptions

Therefore;

Igor's taxable income = $57,900 - $8,000 = $49,900

Taxable Income × Tax rate = Amount paid as tax

  • The amount he pays is therefore; $49,900 × 3% = $1,497

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