okay, this is for school, but i dont understand how to get the answer.. can someone explain it to me!?!! THANKS !
Liana Lytle’s gross pay is $26,300. She takes a married exemption of $3,000. Her state income tax rate is 5.5 percent. How much will she pay in state tax?
2006-11-13 11:30:48 · 8 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
I think its 1218.50.....thats what I got from your queston.
2006-11-13 11:33:36 · answer #1 · answered by evry1luvsabrunet 2 · 0⤊ 1⤋
No problem I do my own taxes and believe it or not I figure out the irs's math on calculation of the tax table. What a nightmare that was, any way the first thing you need to know is that nobody pays income tax on their gross income wether its state or federal income tax. Next and exemption is the same thing as a deduction so it get subtracted from the gross income.
Let g = 26,300 Let e = 3,000 Let r = .055
Let t = the unknown tax
t = (g - e) * r
This should get the answer you're looking for. I will let you do the math. Though logically and legally she should be entitled to another exemption for her spouse but that's not in the problem so I won't confuse you any more than you already are. Just replace the letters g, e, and r with the numbers given and you will have the answer.
2006-11-13 12:09:35 · answer #2 · answered by ikeman32 6 · 0⤊ 0⤋
I think this is how you do it, but I'm not 100% positive.
Because of the exemption, you subtract that from the gross pay.
which gives us 23000.
From there you take your percentage of 5.5, and make it a decimal. 5.5 divided by 100 equals 0.055.
You take that 0.055, which is just your percentage in decimal form, and mulitply it by your 23300.
You should get 1281.50 for state tax.
I'm not sure....look at your book, or other answers on here to make sure.
2006-11-13 11:36:32 · answer #3 · answered by D S 4 · 1⤊ 0⤋
Gross income=26300
Taxable income=26300-3000
=23300
tax=5.5*23300/100
2006-11-13 11:34:51 · answer #4 · answered by Dupinder jeet kaur k 2 · 0⤊ 0⤋
I think you would multiply .055 (five point five percent) by $26,300. That is how much she is paying in tax. Then subtract her exemption of $3,000. Hope this helps!
2006-11-13 11:34:19 · answer #5 · answered by smittn.kitten 1 · 0⤊ 0⤋
Yes, the others are right. An exemption is how much you are allowed to take off the taxes aside from the percentage.
2006-11-13 11:40:26 · answer #6 · answered by relaxed 4 · 0⤊ 0⤋
take 26,300 - 3,000 = 23,300 X 5.5 = your answer
2006-11-13 11:34:39 · answer #7 · answered by Craft 1 · 0⤊ 0⤋
5.5%times26300=1446.5 so 1446.5-1000=$446.50
2006-11-13 11:41:33 · answer #8 · answered by ben v 1 · 0⤊ 0⤋