Jerry’s effective rate is 20%. What is his taxable income in 2022, if he paid $25,000 in taxes in 2022.Group of answer choices$100,000$125,000$625,000$5000

Question

Jerry’s effective rate is 20%. What is his taxable income in 2022, if he paid $25,000 in taxes in 2022.Group of answer choices$100,000$125,000$625,000$5000
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Solution 1

The effective tax rate is calculated by dividing the total tax paid by the taxable income. In this case, we know that Jerry's effective tax rate is 20% and he paid $25,000 in taxes.

So, we can set up the equation as follows:

0.20 (Taxable Income) = $25,000

To solve for the taxable income, we div Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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