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25 August, 11:16

Mark has to pay a state tax of 10% and a federal tax of 25% on the amount he receives from selling his house. What steps would he have to take to find all the taxes he will pay on the house he just sold for $250,000?

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  1. 25 August, 11:18
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    State tax = 0.1 x 250,000 = $25,000

    Federal tax = 0.25 x 250,000 = $62,500

    Total tax = $25,000 + $62,500 = $87,500
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