linda inherited an estate worth $225000.the attorney told her that the inheritance tax was 7% and that they would deduct it from the estate before giving her the money.how much money will she receive? $15750 right
The tax is $15,750.
To find how much she'll receive subtract $15,750 from $225,000.
$15,750 THANK YOU! =)
To calculate the amount of money Linda will receive after deducting the inheritance tax, we can use the formula:
Amount after tax = Total amount - (Total amount * Tax rate)
Given:
Total amount (estate worth) = $225,000
Tax rate = 7%
Substituting these values into the formula:
Amount after tax = $225,000 - ($225,000 * 0.07)
= $225,000 - $15,750
= $209,250
Therefore, Linda will receive $209,250 after deducting the inheritance tax of 7%.
To calculate how much money Linda will receive after the deduction of the inheritance tax, you need to subtract the tax amount from the estate value.
First, find the tax amount by multiplying the estate worth ($225,000) by the tax rate (7%) expressed as a decimal:
Tax amount = $225,000 * 0.07 = $15,750
Next, subtract the tax amount from the estate worth to find the amount Linda will receive:
Amount Linda will receive = $225,000 - $15,750 = $209,250
Therefore, Linda will receive $209,250.