Don and Carol Lovett have a taxable income of $48,800 and pay $11,468 as federal income tax. What percent of their income must they pay as income tax
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When the IRS works out tax due it uses a basic formula related to earnings.
In this case we first divide 11468 by 48800 to get a fraction. We can divide these numbers by common factors to make the fraction less cumbersome;
11468/48800=2867/12200 (÷4)=47/200 (÷61). To get percentage, multiply by 100:
47/200*100=47/2=23.5%.
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