Question

You earn $50,000 per year, and the federal tax rate is 10 percent. your net income is

Answer 1

$45,000 would be your net worth

10% of 50,000 is 5,000 so subtract 5,000 from 50,000 and you get 45,000

Answer 2

Our net income is $45,000.

Step-by-step explanation:

Income earned in an year = $50,000

Rate at which federal taxes are applied = 10%

Amount to deducted as federal tax ;

=
`\$50,000* (10)/(100)=\$5,000`

Net income = Yearly income - Federal tax

`=\$50,000-\$5,000=\$45,000`

Our net income is $45,000.