John’s taxable income in 2022 was $80,000 and his tax was $15000. What is his effective income tax?Group of answer choices5.33%15.87%18.75%53.33%
Question
John’s taxable income in 2022 was 15000. What is his effective income tax?Group of answer choices5.33%15.87%18.75%53.33%
Solution
To calculate John's effective income tax rate, you need to divide the amount of tax he paid by his taxable income, and then multiply by 100 to get the percentage.
Here's the step-by-step calculation:
- Tax paid = $15,000
- Taxable income = $80,000
- Divide the tax paid by the taxable income: 80,000 = 0.1875
- Multiply by 100 to get the percentage: 0.1875 * 100 = 18.75%
So, John's effective income tax rate is 18.75%.
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