Question

Becky owns a business in an area that has an assessment rate of . The property tax rate is per . What is the effective tax rate?

Answer 1

The effective tax rate based on the assumed information is 2.5%.

How to illustrate the tax?

Let's assume that the figures are:

Income tax expense = $50

Income before tax = $2000

It should be noted that tax rate is calculated as:

= Income tax expense / Income before tax

= 50/2000

= 0.025

= 2.5%

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