Answered: You have an opportunity to earn some…

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter12: Sequences, Series And Binomial Theorem

Section12.3: Geometric Sequences And Series

Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...

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Question

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%
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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

= $30 -$ $\frac{33}{100} \times 30$

= $30 - $9.90

= $20.10

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