US Airways has a net income of $60,000 before taxes. It's expected that 45% of the net income will go federal and state taxes. How much will US Airways have left?
Ms. Sue, How did you get .55?
45% = 0.45
1.00 - 0.45 = 0.55
Thanks Ms. Sue, this is how I had did it at first which is the same answer but a different step, but you should me there is more than one way.
$60,00 x .45 = 27,000
60,000 - 27,000 = $33,000
Yes, that's another way to do it.
To calculate the amount of net income that US Airways will have left after taxes, we need to multiply the net income before taxes by the tax rate. Here are the steps to find the answer:
Step 1: Convert the percentage tax rate into a decimal by dividing it by 100.
45% = 45/100 = 0.45
Step 2: Calculate the amount of tax by multiplying the net income before taxes by the tax rate.
Tax = Net Income before taxes * Tax rate
= $60,000 * 0.45
=$27,000
Step 3: Subtract the tax amount from the net income before taxes to find out the amount left.
Net Income after taxes = Net Income before taxes - Tax
= $60,000 - $27,000
= $33,000
Therefore, US Airways will have $33,000 left after deducting federal and state taxes from its net income.