Question

Susan Wong’s taxable income last year was $52,915. The income tax rate in her state is 2% of taxable income. What was Susan’s tax last year?

Answer 1

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

Learn more about percentages here:

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