Which of the following is the solution for income tax deducted on earnings of $1,000 with a tax rate of 24%?(1 point)

Question

Responses

$240
$240

$760
$760

$976
$976

$24

Answer 1

To calculate the income tax deducted on earnings of $1,000 with a tax rate of 24%, you can use the following formula:

$$\text{Income Tax}=\text{Earnings}\times \text{Tax Rate}$$

Substituting the values:

$$\text{Income Tax}=1,000\times 0.24=240$$

Therefore, the income tax deducted is $240.

The correct response is:

$240