Question

Assume current Federal Exemption is $3300.00. Bill Smith earns $37,500.00, is single; and the tax rate is 2 3/4 %. Calculate the tax

Answer 1

Tax rate is 2+3/4=2.75%
Income taxable
37,500−3,300=34,200
Tax accrued
34,200×0.0275=940.5