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If your salary is $42,500 and your federal income taxes are 10% of your salary, how much money will you owe this year in federal taxes? Assume you have no deductio

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02-12-2015

Income $42,500
Less:
Deductions 0
Taxable Income $42,500
Tax rate x 10%
Tax payable $4,250

Bear in mind that since the problem is silent, I have assumed that deductions based on marital status, exemptions, PERS or TIAA/CREF retirement contributions are all equivalent to zero (0).

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