arthur’s yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year…

arthur’s yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. approximately what is arthur’s net federal income tax rate?\na. 20.5%\nb. 12.7%\nc. 37.7%\nd. 26.5%\nplease select the best answer from the choices provided\na\nb\nc\nd

arthur’s yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. approximately what is arthur’s net federal income tax rate?\na. 20.5%\nb. 12.7%\nc. 37.7%\nd. 26.5%\nplease select the best answer from the choices provided\na\nb\nc\nd

Answer

Explanation:

Step1: Recall tax rate formula

Tax rate = (Tax paid / Taxable income) × 100%

Step2: Plug in values

Tax paid = $30,910.66, Taxable income = $116,600 Rate = ($30,910.66 / $116,600) × 100% Calculate $30,910.66 ÷ 116,600 ≈ 0.265 Multiply by 100%: 0.265 × 100% = 26.5%

Answer:

d. 26.5%