To calculate the income tax for an amount of $24,400 at a rate of 1.5%, we use the formula:

\[
\text{Tax} = \text{Income} \times \text{Tax Rate}
\]

Here, the income is $24,400, and the tax rate is 1.5% (or 0.015 as a decimal).

\[
\text{Tax} = 24,400 \times 0.015
\]

Now, let's compute the tax amount:

\[
\text{Tax} = 24,400 \times 0.015 = 366
\]

The income tax for an amount of $24,400 at a rate of 1.5% is **$366**.

Would you like more details or have any questions?

Here are 5 related questions you might find interesting:
1. How is income tax calculated for different tax rates?
2. What is the effective tax rate if multiple tax rates apply to different portions of income?
3. How does income tax differ between flat tax rates and progressive tax systems?
4. What are common deductions that can reduce taxable income?
5. How does income tax affect net salary?

**Tip:** Always double-check the applicable tax rates, as they can vary based on jurisdiction and specific financial circumstances.

Learn how to calculate income tax for an amount of $24,400 at a rate of 1.5%. Follow a detailed step-by-step solution using the tax calculation formula. Suitable for adult learners seeking practical financial calculations.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation