Question

below is a graph of the murphys annual expenses. how much will the murphys pay in state/local taxes if their gross annual household income is $85,420?
murphys annual expenses
a. $3,559.17
b. $8542.00
c. $20,500.80
d. $29,897.00

Explanation:

Step1: Identify the percentage for state/local taxes

From the pie graph, the percentage for State/Local Taxes is 10%.

Step2: Calculate the amount for state/local taxes

The gross annual household income is $85,420. To find 10% of this amount, we use the formula: Amount = Income × Percentage. So, we calculate \( 85420 \times 0.10 \).

Step3: Perform the multiplication

\( 85420 \times 0.10 = 8542.00 \)

Answer:

b. $8542.00