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Arthur’s yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. approximately what is arthur’s net federal income tax rate? a. 20.5% b. 12.7% c. 37.7% d. 26.5% please select the best answer from the choices provided a b c d

Respuesta :

Arthur’s net federal income tax rate is 26.5 %.

Option D is correct.

According to the question

Arthur’s yearly taxable income totals $116,600 and he pays $30,910.66 in federal income tax every year.

Formula to find income tax rate:

Arthur’s net federal income tax rate

= (Income Tax /  Total income) × 100

Arthur’s net federal income tax rate = (30,910.66 / 116,600) × 100

Arthur’s net federal income tax rate = 0.2651 × 100

Arthur’s net federal income tax rate = 26.51

Arthur’s net federal income tax rate is 26.5 %.

Option D is correct.

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