Igor's taxable income is the difference between the amount
he earns annually and the amount he earns as exemptions.
Response:
- The amount he pays in annual state income tax is;<u> $1,497</u>
<h3>Which methods are used to calculate income tax?</h3>
Given;
Annual earnings = $57,900
State tax rate = 3%
Amount earned in exemption = $8,000
Required:
The amount Igor pays in annual state income tax.
Solution;
Taxable Income = Annual Income - Exemptions
Therefore;
Igor's taxable income = $57,900 - $8,000 = $49,900
Taxable Income × Tax rate = Amount paid as tax
- The amount he pays is therefore; $49,900 × 3% = <u>$1,497</u>
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