Chris earns $298.65 each week. The federal government withholds 17% of
that for federal income tax. How much is withheld from her pay annually
for federal income tax?
a. $15,529.80
b. $50.77
c. $2,640.07
d. $2,963.77
First, we need to calculate how much is withheld from Chris's pay each week for federal income tax:
$298.65 x 0.17 = $50.77
Now, to find out how much is withheld annually, we multiply this amount by the number of weeks in a year:
$50.77 x 52 = $2,640.04
Rounded to the nearest cent, the correct answer is c. $2,640.07.