Peter made a total of $14,350 working during the summer at a snow cone stand. The income tax Peter must pay is 5%. What is the amount of income tax in dollars and cents that Peter will have to pay?
Question
Peter made a total of $14,350 working during the summer at a snow cone stand. The income tax Peter must pay is 5%. What is the amount of income tax in dollars and cents that Peter will have to pay?
Solution
To calculate the amount of income tax Peter has to pay, you need to find 5% of his total income.
Here are the steps:
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Convert the percentage into a decimal by dividing it by 100. So, 5% becomes 0.05.
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Multiply Peter's total income by this decimal.
So, 717.50
Therefore, Peter will have to pay $717.50 in income tax.
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