A teacher has an annual income of $51,750. The income tax the teacher has to pay is 7%. What is the amount of income tax in dollar and cents the teacher has to pay?
To calculate the income tax, we need to multiply the annual income by the tax rate:
Income tax = Annual income * Tax rate
Since the tax rate is given as 7% (or 0.07), the income tax is:
Income tax = $51,750 * 0.07 = $3622.50
Therefore, the teacher has to pay $3622.50 in income tax.