12
QuizMultiple Choice

Tax Basics

Question 12 • Financial Math - MA2007

Based on his salary, Kevin knows that he will have $336.00 withheld from his paycheck for federal income tax. He would like to have approximately $70.00 withheld for state income tax. Which of the following withholding options should he choose for state income tax?

Answer
A
18% of federal income tax
B
21% of federal income tax
C
25% of federal income tax
D
29% of federal income tax

Explanation

To find the percentage, divide the desired state withholding by the federal withholding: $70 ÷ $336 ≈ 0.208, or about 21%. Kevin should choose 21% of federal income tax, which is choice B.

AI-written and checked against the verified answer.

Previous
Next