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Question 1. imagined that you earned $8,425 in a one year. If the government enforces a 15% income tax, how much money would you owe in taxes at the end of the year? Question 2. your parents have been advised to save 5% of their income for your college education, which would include money for housing, tuition, books, and feet. How much would you parents have saved in one year, following the recommended 5%, and they had an average household income of $48,948?

Respuesta :

1.you will owe 15% of the total earned

so

[tex]\begin{gathered} 8425\times\frac{15}{100} \\ =1263.75 \end{gathered}[/tex]

you are going to owe $1,263.75

2. calculate the 5% from $48,948

[tex]\begin{gathered} 48948\times\frac{5}{100} \\ =2447.40 \end{gathered}[/tex]

they would have saved $2,447.40

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