Question

A man is in the \33% tax bracket and claims and claims the standard deduction.the standard deduction. How much will his tax bill be reduced if hehe qualifies for a $700 tax​ credit?

Answer 1

SOLUTION:

A man is in the 33% tax bracket and claims the standard deduction.How much will his tax bill be reduced if he qualifies for a $700 tax​ credit?

33% tax bracket

he qualifies for a $700 tax​ credit

33% tax bracket can be written as 33/100 = 0.33

How much will his tax bill be reduced

700 * 33% = 700 * 0.33  

= 231

$ 231 will his tax bill be reduced if he qualifies for a $700 tax​ credit