Question

A lawyer has an annual income of $154,120. The income tax the lawyer has to pay is 6%. What is the amount of income tax in dollars and cents that the lawyer has to pay

Answer 1

$9,247.20

924,720 cents

Explanation:

The computation of the amount of the income tax is shown below:

In dollars

= Annual income × rate of income tax

= $154,120 × 6%

= $9,247.20

Now in cents, it would be

= Annual income × rate of income tax × 100

= $154,120 × 6% × 100

= 924,720 cents