Business
cianahturner
2021-04-27 12:09:27
If your salary is $42,500 and your federal income taxes are 10% of your salary, how much money will you owe this year in federal taxes? Assume you have no deductio
ANSWERS
Lindatmco
2021-04-27 15:23:25

Income                   $42,500 Less: Deductions                      0 Taxable Income    $42,500 Tax rate                   x        10% Tax payable             $4,250 Bear in mind that since the problem is silent, I have assumed that deductions based on marital status, exemptions, PERS or TIAA/CREF retirement contributions are all equivalent to zero (0).

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