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?
$3,448.25
$3,622.50
$3,891.10
$3,933.01
To find the amount of income tax the teacher has to pay, we can multiply the teacher's annual income by the tax rate.
Income tax = Annual income x Tax rate
= $51,750 x 7%
= $51,750 x 0.07
= $3,622.50
Therefore, the amount of income tax in dollars and cents the teacher has to pay is $3,622.50.