You earn $30,000 per year, and the federal tax rate is 10 percent. Your gross income is

Question

Social Studies

Kymani Mccullough

29 July, 09:00

You earn $30,000 per year, and the federal tax rate is 10 percent. Your gross income is

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Answers (2)

Know the Answer?

Madalyn Wolf · Answer 1

10% is 0.1 as a decimal. So take 30,000 x 0.1 = $3,000 gross income.

Ladybug · Answer 2

The gross income in this example is $33,333, as the gross income is the amount that every employee earns, before taxes and social security contributions are deducted.

As 10% is deducted to pay taxes (in this case it would be $3,333), the net income is of $30,000, which is the amount that is won during the year.