Answer :
The tax rate given as a percentage, can be used to find out the amount
to be paid as tax.
Correct response:
- Susan's tax last year is $1,058.3
Methods of calculation involving percentages
The given parameters are;
Susan Wong's taxable income last year = $52,915
The income tax rate = 2%
Required:
Susan Wong's tax last year
Solution:
The tax rate is given as a percentage of the taxable income.
The amount payable as tax = The tax rate × The taxable income
Therefore;
- Susan's tax last year = 2% × $52,915 = $1,058.3
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