John earns $24,008 per year and claims 3 exemptions. His local tax rate is 5.5%. The amount for each exemption is $800. How much
2 answers:
Answer:
The correct answer is $99,04
Step-by-step explanation:
Step 1: We must first deduct the total amount of exemptions John claims per year from his annual income.
$24008 - ($800 * 3)= $21608
The 5.5% tax must be applied to the amount of $21608.
Step 2: We now calculate the tax on the amount of $21608 and divide it by 12 months to get the monthly amount that must be deducted from your taxable earnings.
$21608 * = $1188,44
= $99,04
The amount to be deducted per month in taxes is $99.04.
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