Answer:
Our net income is $45,000.
Explanation:
Income earned in an year = $50,000
Rate at which federal taxes are applied = 10%
Amount to deducted as federal tax ;
= [tex]\$50,000\times \frac{10}{100}=\$5,000[/tex]
Net income = Yearly income - Federal tax
[tex]=\$50,000-\$5,000=\$45,000[/tex]
Our net income is $45,000.
