School taxes for a local district are 2.5% of a households income. If a household earns $80,000 per year, how much do they pay in school taxes per year ?
To calculate the amount of school taxes a household pays per year, multiply their income by the tax rate:
School taxes = income * tax rate
In this case, the income is $80,000 and the tax rate is 2.5% (or 0.025):
School taxes = $80,000 * 0.025
School taxes = $2,000
Therefore, the household would pay $2,000 in school taxes per year.
To calculate the amount of school taxes a household pays per year, we need to multiply the household's annual income by the tax rate.
Step 1: Calculate the amount of school taxes.
School Taxes = Annual Income x Tax Rate
Given that the household's income is $80,000 and the tax rate is 2.5% (or 0.025), we can substitute those values into the formula:
School Taxes = $80,000 x 0.025
Step 2: Calculate the result.
School Taxes = $2,000
Therefore, the household will pay $2,000 in school taxes per year.