You have an opportunity to earn some extra income working at $30 per hour. If your marginal tax rate is 33%, how much of the hourly wage will you get to keep? (Disregard any other deductions such as state and local taxes, etc.) a) $67.00 b) $3.00 c) $23.10 d) $20.10 e) $9.90
You have an opportunity to earn some extra income working at $30 per hour. If your marginal tax rate is 33%, how much of the hourly wage will you get to keep? (Disregard any other deductions such as state and local taxes, etc.) a) $67.00 b) $3.00 c) $23.10 d) $20.10 e) $9.90
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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You have an opportunity to earn some extra income working at $30 per hour. If your marginal tax rate is 33%, how much of the hourly wage will you get to keep? (Disregard any other deductions such as state and local taxes, etc.)
a) $67.00
b) $3.00
c) $23.10
d) $20.10
e) $9.90
Expert Solution
Step 1
Given:
income per hour = $30
Tax rate = 33%
-----------------------------------------------------------------------------------------------------------
To find:
the hourly wage you get to keep
Step 2
Calculation:
the hourly wage you get to keep = income per hour - tax
= $30 - 33% of $33
= $30 -$
= $30 - $9.90
= $20.10
--------------------------------------------------------------------------------------------------------------
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