To calculate the income tax for an amount of $48.00 at a rate of 5%, we will use the formula:

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

Here, the income is $48.00, and the tax rate is 5% (or 0.05 as a decimal).

\[
\text{Tax} = 48.00 \times 0.05
\]

Now, let's compute the tax amount:

\[
\text{Tax} = 48.00 \times 0.05 = 2.40
\]

The income tax for an amount of $48.00 at a rate of 5% is **$2.40**.

Would you like more details or have any questions?

Here are 5 related questions you might find interesting:
1. How does the tax rate affect the final tax amount?
2. What is the income tax amount for $100 at a tax rate of 7%?
3. How do different income levels affect tax calculations with a fixed tax rate?
4. How can you calculate income tax for multiple income sources?
5. What are the benefits of understanding income tax calculations for personal finance?

**Tip:** Understanding how to calculate taxes for various rates and amounts is crucial for managing finances effectively.

Learn how to calculate income tax for an amount of $48.00 at a tax rate of 5%. Follow a detailed step-by-step solution using multiplication and percentage calculations. Suitable for students in Grades 6-8.

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