Your sole proprietorship makes $90,000 per year in profits. Your average federal tax rate is 24% and your state tax rate is 6%.

Question

3 years ago

14

How much of your profits do you get to keep?

2 answers:

Nookie1986 [14] · Answer 1 · 2022-03-24T14:16:10+03:00

Answer:

$63,000

Explanation:

Given that the total profit is $90,000 per year.

The average federal tax rate is 24% and the state tax rate is 6%.

So, total tax rate = 24% +6% =30%

Total taxable amount = 30% of $90,000

=(30/100)x 90,000=$27,000

The remaining amount = $90,000 - $27,000 = $63,000

Hence, I will keep $63,000 of my profit.

anzhelika [568] · Answer 2 · 2022-03-24T16:37:32+03:00

7 0

Answer:

$63,000

Explanation: