1 QUESTION MEDAL AND FAN

Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment?

Question

1 QUESTION MEDAL AND FAN

Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment?

anonymous · Answer

Taxable income = Total income - Deduction

Tax payment = Taxable income * Tax percentage

Does that make sense?

anonymous · Answer

So I multiply 24000 with 1.5 ?

anonymous · Answer

Almost...24000 is the Total income...first subtract off the Deductions...so what is Mallory's *Taxable income*?

anonymous · Answer

18,000?

anonymous · Answer

Taxable income = Total - Deductions...
Taxable income = 24,000 - 12,000 = ?

anonymous · Answer

12,000

anonymous · Answer

good...so 12,000 is Mallory's taxable income. Now, to find her tax payment, we have to multiply her taxable income by her tax percentage...

15% = .15, so payment = (.15)(taxable income) = (.15)(12000) = ?

anonymous · Answer

1,800?

anonymous · Answer

:) have confidence in your answer, my friend...

1,800!

anonymous · Answer

Awesome thanks for your help, will become a fan :)

anonymous · Answer

quite welcome!