Abyan had some taxable income of $38,300. Calculate her net tax payable including Medicare levy.
Question:
Abyan had some taxable income of $38,300. Calculate her net tax payable including Medicare levy.
Net tax payable:
Net tax payable is a current liability mentioned on the liability side in a balance sheet. Net tax payable shows the amount that has to be paid to the government of the US as it is considered as the responsibility of every citizen and also revenue to the government of the US.
Answer and Explanation: 1
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View this answer{eq}\begin{align*} {\rm\text{Tax on }}\$ 9,950 &= \$ 9,950 \times 10\% \\ &= \$ 995\\ {\rm\text{Tax on }}\left( {\$ 38,300 - \$ 9,950} \right) &=...
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What Is Net Pay? - Definition & How to Calculate
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Chapter 7 / Lesson 10
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What is Net Pay? Learn the definition of "net pay" and how to calculate net pay by using the formula. Also, see the comparison of gross wages vs net wages.
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