Answer:
17.89 :)
Step-by-step explanation: hii
Answer:
$300 was deducted from tax. The tax rate is 26.1%
Step-by-step explanation:
An employee earns a gross pay of $1,200.00 per week. The employee’s net pay is $850.00. The employee’s voluntary 401(k) contribution is $50.00 per month.
There was blank deducted for taxes. The tax rate is blank
Solution:
Contributions that are made for retirement such as 401(k) contribution plans are made on a pretax basis. This means that they are removed from your taxable income, thereby reducing the tax.
Gross pay = $1200
Taxable income = Gross pay - 401(k) contribution
Taxable income = $1200 - $50 = $1150
Net pay = $850
Tax = Taxable income - Net pay
Tax = $1150 - $850
Tax = $300
Tax rate = (Tax / taxable income) * 100%
Tax rate = ($300 / $1150) * 100% = 26.1%
You can use a <u>graph calculator</u>, if you don’t have one use the app <u>Photomath</u> to help.
Simple interest = $769
Principal = $6000
Rate = ?
Time = 10 months (must convert to years if in months) = 10/12 = 0.833
Formula
I = prt
Substitute
769 = 6000 × r × 0.833
769 = 4998r
Divide both sides by 4998
769/4998 = 4998r/4998
0.15386 = r
(to the nearest tenth of a percent) = 0.15
Therefore, your rate is 0.15%.