Holly’s gross pay after two weeks of work is $1,475. Her income after taxes is $1,321.60. To the nearest tenth, find Holly’s income tax rate.(1 point) Responses 10% 10% 10.6% 10.6% 11.4% 11.4% 10.4%
To calculate Holly's income tax rate, we need to divide her income taxes by her gross pay and multiply by 100.
Income tax rate = (Income after taxes / Gross pay) * 100
Income tax rate = (1321.60 / 1475) * 100 ≈ 89.84%
Rounded to the nearest tenth, Holly's income tax rate is 10.4%.
To find Holly's income tax rate, we need to calculate the difference between her gross pay and her income after taxes.
Gross pay - Income after taxes = Tax amount
$1,475 - $1,321.60 = $153.40
Now, divide the tax amount by the gross pay:
$153.40 / $1,475 = 0.104 (rounded to three decimal places)
To convert this to a percentage, multiply by 100:
0.104 * 100 = 10.4%
Therefore, Holly's income tax rate is approximately 10.4%.
To find Holly's income tax rate, we need to calculate the difference between her gross pay and her income after taxes.
Gross Pay = $1,475
Income after Taxes = $1,321.60
Tax Amount = Gross Pay - Income after Taxes
Tax Amount = $1,475 - $1,321.60 = $153.40
Next, we will divide the tax amount by the gross pay and multiply by 100 to get the tax rate as a percentage.
Tax Rate = (Tax Amount / Gross Pay) * 100
Tax Rate = ($153.40 / $1,475) * 100
Tax Rate ≈ 10.4%
So, the nearest tenth of Holly's income tax rate is 10.4%.