Mel Company has a net income, before taxes, of $95,000. The treasurer of the company estimates 45% of net income will have to be

Question

3 years ago

5

paid for federal and state taxes. The tax for both federal and state is:

2 answers:

docker41 [41] · Answer 1 · 2022-03-24T15:03:20+03:00

6 0

95,000 x .45=$42,750 for both federal and state tax..
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Nezavi [6.7K] · Answer 2 · 2022-03-24T16:50:02+03:00

Answer:

The tax will be $42,750.

Step-by-step explanation:

Mel Company has a net income, before taxes, of $95,000.

The treasurer of the company estimates 45% of net income will have to be paid for federal and state taxes.

So, the tax for both federal and state is:

$0.45\times95000=42750$ dollars

Therefore, the tax will be $42,750.