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Question
A teacher has an annual income of $51,750. The income tax the teacher has to pay is 7%. What is the amount of income tax in dollar and cents the teacher has to pay?
Responses
A $3,448.25$3,448.25
B $3,622.50$3,622.50
C $3,891.10$3,891.10
D $3,933.01
To find the amount of income tax the teacher has to pay, we need to multiply the annual income by the tax rate.
Income tax = Annual income * Tax rate
In this case, the annual income is $51,750 and the tax rate is 7%.
Income tax = $51,750 * 0.07
Income tax = $3,622.50
Therefore, the amount of income tax the teacher has to pay is $3,622.50.
The correct answer is B) $3,622.50.