SOLUTION: Alex needs to pay taxes on last year's adjusted gross income. His gross income is $75,000. His adjusted gross income is calculated by decreasing his gross income by 10%. If Alex's

Question 1102128: Alex needs to pay taxes on last year's adjusted gross income. His gross income is $75,000. His adjusted gross income is calculated by decreasing his gross income by 10%. If Alex's income tax rate is 20%, then how much does Alex owe in taxes?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Alex needs to pay taxes on last year's adjusted gross income. His gross income is $75,000. His adjusted gross income is calculated by decreasing his gross income by 10%. If Alex's income tax rate is 20%, then how much does Alex owe in taxes?
gross income:: 75000
adjusted income:: 0.9*75000 = 67500
tax = 0.20*67500 = $13500
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Cheers,
Stan H.
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