Question

mike klein lives in a state with an income tax rate of 3.0%. what is the state withholding on a weekly gross income of $546.50? the state withholding tax for mr. klein is $\square. (round to the nearest cent.)

Explanation:

Step 1: Convert the tax rate to a decimal

To convert a percentage to a decimal, we divide by 100. So, \( 3.0\% = \frac{3.0}{100} = 0.03 \).

Step 2: Calculate the withholding tax

The withholding tax is calculated by multiplying the gross income by the tax rate. So, we multiply \( \$546.50 \) by \( 0.03 \).
\( 546.50 \times 0.03 = 16.395 \)

Step 3: Round to the nearest cent

Since we need to round to the nearest cent (two decimal places), we look at the third decimal place. The third decimal place is 5, so we round up the second decimal place.
\( 16.395 \approx 16.40 \)

Answer:

\( \$16.40 \)