Answered

Andrew earns $45,300 in taxable income annually, and pays federal income taxes of $5,345. 40. What is Andrew’s net federal income tax rate? a. 8. 47% b. 15. 1% c. 11. 8% d. 9. 1%.

Sagot :

Abiolataiwo2015id

Based on the information given Andrew’s net federal income tax rate is c. 11.8%.

Using this formula

Net federal income tax rate=Federal income taxes / Taxable income

Where:

Federal income taxes= $5,345.40

Taxable income=$45,300

Let plug in the formula

Net federal income tax rate=$5,345.40/$45,300

Net federal income tax rate=0.118×100

Net federal income tax rate=11.8%

Inconclusion Andrew’s net federal income tax rate is c. 11.8%.

Learn more here:https://brainly.com/question/11886585

ID Other Questions