Question
Inis questionis point(s) possible Submit quiz Mike Klein lives in a state with an income tax rate of \( 2.5 \% \). What is the state withholding on a weekly gross income of \$788.45? The state withholding tax for Mr. Klein is \$ \( \square \) 7. (Round to the nearest cent.)
Ask by Curry Martinez. in the United States
Feb 24,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The state withholding tax for Mr. Klein is \$19.71.
Solution
To calculate the state withholding, multiply the weekly gross income by the tax rate:
State Withholding = 0.025 × 788.45 = 19.71125
Rounding to the nearest cent gives:
State Withholding = \$19.71
Thus, the state withholding tax for Mr. Klein is \$19.71.
Answered by UpStudy AI and reviewed by a Professional Tutor
Like
error msg
Explain 
Simplify this solution Mind Expander
To calculate the state withholding tax, you can use the formula: State Withholding = Gross Income × Income Tax Rate. For Mike Klein: State Withholding = \$788.45 × 0.025 = \$19.71125. When rounded to the nearest cent, the state withholding tax is \$19.71. The state withholding tax for Mr. Klein is \$ 19.71.
