Shela is single and works for a law firm. In the 2017 tax year, she made $110,000 this year in salary and $10,000 of gross interest income from a corporate bond. Her law firm withheld $16,000 of tax from her salary this year. In addition to the above, the following occurred this year:
1. She paid $7,000 in interest on her mortgage for her primary residence.
2. She had a rental loss (had greater expenses as a landlord than revenue) by $2,000.
3. She sold stock she had held for 9 months at $4,000 less than her tax basis at the time of the sale.
4. Shela owned a 20% interest in a partnership during the year. The partnership had a $20,000 loss from operations during the year and made no distributions.
5. Shela volunteers for the Red Cross using her legal skills to do administrative work for the charity. She estimates her time volunteering is worth $5,000.
the answerr would be 1
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"we first find value of tax in dollars.
the difference between the two prices is: 23. 54 - 22 = 1.54
therefore the sales tax in dollars is 1.54
the tax % will be (amount of tax / original cost price ) × 100
(1.54 / 22) × 100 → (0.07) × 100 = 7
so the tax rate is 7%
we can double check the answer.
7 % of 22 → (7/100) × 22 → 0.07 × 22 = 1.54
22 + 1.54 = 23.54"
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