Mallory's total income last year was $24,000, but she could deduct $12,000 for various reasons. Her taxable income equals the amount left over after deductions. If she had to pay 15 percent of her taxable income in federal income tax, which you can calculate by multiplying her taxable income by 0.15, what was her total tax payment?
How am I supposed to answer this if I don't know how to? That's why I posted it
(24,000-12,000) =12,000
12,000 *.15
= 1,800 for her total tax payment
To calculate Mallory's total tax payment, we need to determine her taxable income.
Taxable income is the amount left over after deductions. In this case, Mallory's taxable income is equal to her total income minus the deductions.
Her total income last year was given as $24,000, and she could deduct $12,000. So, her taxable income would be:
$24,000 - $12,000 = $12,000
Now that we have calculated her taxable income, we can calculate her total tax payment.
The total tax payment can be found by multiplying the taxable income by the tax rate. In this case, the tax rate is 15 percent, which can be expressed as 0.15.
So, Mallory's total tax payment would be:
$12,000 * 0.15 = $1,800
Therefore, Mallory's total tax payment was $1,800.