Question

Assume current Federal Exemption is $3300.00. Bill Smith earns $37,500.00, is single; and the tax rate is 2 3/4 %. Calculate the tax.

Answer 1

t's a simple subtraction and multiplication problem. Just do it one step at a time. From the data provided:

$37,500 - 3,300 = $34,200
$34,200 x 0.23 = $7,866

You have not provided enough information to consider 'single'.

If this is a taxation question, what about the standard deduction?

Answer 2

hope this helped