Question

Can anyone please help me answer this Math Question ? As soon as possible !!

Answer 1

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; $1,497

Which methods are used to calculate income tax?

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% = $1,497

Learn more about income tax here:

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