Question

mike klein lives in a state with an income tax rate of 5.0%. what is the state withholding on a weekly gross income of $792.40? the state withholding tax for mr. klein is $\square$. (round to the nearest cent.)

Explanation:

Step1: Convert tax rate to decimal

The tax rate is 5.0%, which as a decimal is $0.05$ (since to convert a percentage to a decimal, we divide by 100: $5.0\div100 = 0.05$).

Step2: Calculate tax withholding

To find the tax withholding, we multiply the weekly gross income by the tax rate. The weekly gross income is $\$792.40$, so the tax withholding $T$ is calculated as $T = 792.40\times0.05$.
Calculating this: $792.40\times0.05 = 39.62$.

Answer:

$\$39.62$