Question

Massachusetts has a flat income tax with a rate of 5.4%. Determine how much state income...

Massachusetts has a flat income tax with a rate of 5.4%. Determine how much state income tax each person owes to nearest cent.

a. A person who lives in Massachusetts and has a taxable income of $42000.

$

b. A person who lives in Massachusetts and has a taxable income of $1100000.

$

Homework Answers

Answer #1

First we need to convert the tax rate into decial value.........

tax with rate of 5.4%

after converting 5.4/100=0.054

After we just multiply with taxable income

how much state income tax each person owes to nearest cent.

a).A person who lives in Massachusetts and has a taxable income of $42000.

Tax to nearest cent is :0.054*42000=2268

b).A person who lives in Massachusetts and has a taxable income of $1100000.

Tax to nearest cent is :0.054*1100000=59400

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