7
QuizMultiple Choice

Personal Income and Property Taxes

Question 7 • Financial Math - MA2007

Kathy makes $66,000 per year, and she pays a net federal income tax rate of 18.85%. How much should Kathy expect to pay in taxes every year?

Answer
A
$78,530
B
$12,441
C
$10,481
D
$53,559

Explanation

Convert 18.85% to a decimal: 0.1885. Multiply Kathy’s annual income by that rate: $66,000 × 0.1885 = $12,441. Kathy should expect to pay $12,441 in taxes each year, which is choice b.

AI-written and checked against the verified answer.

Previous
Next