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Helen mean receives a travel allowance of $180 each week from her company from time away from home. If this allowance is taxable and she has 24% income tax rate, what amount will she have to pay in taxes for this employee benefit? (Round your final answer to two decimal places)

Answer :

The tax rate she needs to pay is 24% of the $180.

Then first, we convert the 24% to decimal, by dividing by 100:

[tex]\frac{24}{100}=0.24[/tex]

Now we multiply the total amount by the percentage in decimal:

[tex]0.24\cdot180=43.2[/tex]

The amount she will have to pay in taxes is $43.20

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