A vector is in standard position, with its terminal point in the second quadrant and an x-coordinate of -5. The vector
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Total annual gross income = $45500
Total exemptions = $3000
So, total taxable income =
For an amount up to $2500, rate of interest = 1.5%
So , = 37.50
For amount above $2500, rate of interest is = 3%
Hence, amount to be calculated on 3% is
So 3% of 40000 = =1200
Hence, total tax becomes = = 1237.50
Hence annual tax is $1237.50