Monthly Income Monthly Expenses ITEM ITEM JAMOUNT ]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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This is Ben’s budget. Use his budget to determine the answer to the following question:

  1. Calculate the amount of income tax Ben owes monthly using the tax rate of 25%.
Monthly Income
Monthly Expenses
ITEM
|AMOUNT
ITEM
Column1
|AMOUNT
Income Source 1
$2.000.00
Rent
$800.00
Cell phone
$100.000
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
Transcribed Image Text:Monthly Income Monthly Expenses ITEM |AMOUNT ITEM Column1 |AMOUNT Income Source 1 $2.000.00 Rent $800.00 Cell phone $100.000 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
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