Jim earns $44,700 annually and pays 11-1/4% for state and local taxes.
How much tax does he pay annually?
a. $39,671.25
b. $49,728.75
c. $5,028.75
d. $5,014.31
First, we need to calculate the amount of taxes Jim pays annually:
$44,700 x 11.25% = $5,028.75
Therefore, the answer is c. $5,028.75.