This is Ben’s budget. Use his budget to determine the answer to the following question:Calculate the amount of income tax Ben owes monthly using the tax rate of 25%. Monthly IncomeMonthly ExpensesITEM-AMOUNTITEMv Column1V AMOUNTIncome Source 1$2,000.00Rent$800.00Cell phone$100.00Groceries$200.00Car payment$273.00Auto expenses$120.00Student loans$250.00Credit cards$100.00Auto Insurance$78.00Personal care$50.00Entertainment$100.00Miscellaneous$50.00

The monthly income tax is calculated by applying the tax rate on the monthly income of the person…

Monthly Income Monthly Expenses ITEM AMOUNT ITEM |Column1 AMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 MiscellaneoUS $50.00

Monthly Income Monthly Expenses ITEM AMOUNT ITEM |Column1 AMOUNT Income Source 1 $2,000.00 Rent $800.00 Cell phone $100.00 Groceries $200.00 Car payment $273.00 Auto expenses $120.00 Student loans $250.00 Credit cards $100.00 Auto Insurance $78.00 Personal care $50.00 Entertainment $100.00 MiscellaneoUS $50.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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