Question

Your friend's job pays $15 per hour, and she works 40 hours per week. Her effective tax rate is 10 percent. Assuming she works 50 weeks per year, how much will your friend pay in taxes?

Answer 1

A friend paid $3,000 in taxes. if she works 40 hours per week and 50 weeks per year.

What is Tax?

There are two different kinds of taxes, namely direct taxes and indirect taxes. Both taxes are applied differently. Some of them are paid directly by an individual, such as the dreaded income tax, corporate tax, wealth tax, and many more. While others are paid in indirect ways, such as sales tax, service tax, value added tax, and a host of other taxes.

Given,

Pay per hour =$15

Woking per hour = 40 hours per week

Total working week = 50 weeks per year

Tax Rate = 10%

Required to calculate Tax Amount =?

Tax Amount = Total earning( Pay per hour x Woking per hour x Total working week) x Tax Rate

Tax Amount = ($15 x 40 x 50) x 10% = $3000

Thus, the Tax liability that has to be paid by the friend is $3000.

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