Homework Help: Economics

Posted by Christian on Monday, May 7, 2007 at 7:58pm.

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 payment?

Mallory's taxable income was $12,000. Multiply 12,000 by 0.15. That will give you her total payment.

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