Multiple Choice
To gain an understanding of your personal finances, you should know:
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1. Introduction to Accounting
Useful Information
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Based on the W-2 provided, Lily paid Indiana a state income tax rate of ____.
A
5.00%
B
4.50%
C
3.23%
D
2.75%
Verified step by step guidance1
Examine the W-2 form provided to identify the amount of state income tax withheld and Lily's taxable income for Indiana.
Understand that the state income tax rate is calculated as the ratio of state income tax withheld to taxable income, expressed as a percentage.
Use the formula: to determine the state income tax rate.
Plug the values from the W-2 form into the formula to compute the percentage. Ensure all values are correctly identified and used.
Compare the calculated percentage to the options provided (5.00%, 4.50%, 3.23%, 2.75%) to determine the correct state income tax rate.
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