Question

b) imagine that you earned $8,425 in one year. if the government enforces a 15% income tax, how much money would you owe in taxes at the end of the year? show your work. (5 points)

Explanation:

Step1: Convert percentage to decimal

To convert 15% to a decimal, we divide by 100. So, $15\%=\frac{15}{100}=0.15$.

Step2: Calculate tax amount

We multiply the income by the tax - rate. The income is $8425$ and the tax - rate is $0.15$. So the tax amount $T$ is $T = 8425\times0.15$.
$8425\times0.15 = 1263.75$.

Answer:

$1263.75$