Which of the following is the solution for income tax deducted on earnings of $1000 with a tax rate of 24%

Answer 1

To calculate the income tax deducted, you need to multiply the earnings by the tax rate expressed as a decimal.

Income tax deducted = Earnings * Tax rate
= $1000 * 0.24
= $240

Therefore, the income tax deducted on earnings of $1000 with a tax rate of 24% is $240.