What would be your after-tax amount on $1000 of interest income,

What would be your after-tax amount on $1000 of interest income, if you pay a 35% tax rate on ...

What would be your after-tax amount on $1000 of interest income, if you pay a 35% tax rate on your income? $650 $100 $750 $150 $350

The after-tax amount on $1000 of interest income, if you pay a 35% tax rate on your income is $650. So, option a is correct.

The amount of tax deducted from your interest income can be calculated by multiplying the amount of interest income by the tax rate.

Therefore, if you pay a 35% tax rate on your income, the amount of tax deducted from your $1000 interest income will be: 35/100 x $1000 = $5/100*1000=350. So, if you pay a 35% tax rate on your income, your after-tax amount on $1000 of interest income will be: $1000 – $350 = $1000-350=650.

Therefore, the correct answer is $650. So, option a is correct.

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Complete question:

What would be your after-tax amount on $1000 of interest income, if you pay a 35% tax rate on your income?

$650

$100

$750

$150

$350