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tensa zangetsu [6.8K]
3 years ago
6

Drew Chow has an annual salary of $110,250. He is married with no dependents. The married exemption for his state is $4,000. He

pays $2.656.25 in state income taxes. What is the state income tax rate?​
Business
1 answer:
nalin [4]3 years ago
4 0

Answer: 2.5%

Explanation:

Drew salary is $110,250 and he gets a married exception of $4,000.

This reduces the taxable income to:

= 110,250 - 4,000

= $106,250

He pays $2,656.25 in taxes on that taxable income so the income tax rate can be found as:

106,250 * tax rate = 2,656.25

Tax rate = 2,656.25 / 106,250

= 2.5%

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