Which of the following is the solution for income tax deducted on earnings of $1,000 with a tax rate of 24%?(1 point) Responses $240 $240 $760 $760 $24 $24 $976

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:

\[ \text{Income Tax} = \text{Earnings} \times \text{Tax Rate} \]

So in your case:

\[ \text{Income Tax} = 1000 \times 0.24 = 240 \]

Therefore, the solution for the income tax deducted is $240.

To find the net earnings after tax, you can subtract the income tax from the total earnings:

\[ \text{Net Earnings} = \text{Earnings} - \text{Income Tax} = 1000 - 240 = 760 \]

So, the options presented include the correct deduction of $240 and the net earnings of $760.