Which of the following is the solution for income tax deducted on earnings of $1000 with a tax rate of 24%?
A. $760
B. $976
C. $240
D. $24
The solution for income tax deducted on earnings of $1000 with a tax rate of 24% is option B. $976.
To calculate the income tax, you multiply the earnings ($1000) by the tax rate (24%).
$1000 x 24% = $240
Then, you subtract the calculated tax from the earnings to find the net income:
$1000 - $240 = $760
Therefore, the income tax deducted is $240 and the net income is $760.