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?
Responses
A$3,448.25
$3,448.25
B$3,622.50
$3,622.50
C$3,891.10
$3,891.10
D$3,933.01
To find the amount of income tax the teacher has to pay, we can multiply their annual income by the tax rate:
$51,750 * 0.07 = $3,622.50
Therefore, the amount of income tax the teacher has to pay is $3,622.50 (Option B).