Questions: The company has an income tax rate of 47% (0.47). What is the company's income after taxes? Round your answer to the nearest tenth if necessary.

Solution Steps

To find the company's income after taxes, we need to calculate the amount of tax paid and subtract it from the total revenue. The tax paid is the product of the revenue and the tax rate. Subtracting this from the revenue gives the income after taxes.

To find the tax paid, we use the formula: \[ \text{Tax Paid} = \text{Annual Revenue} \times \text{Tax Rate} \] Substituting the given values: \[ \text{Tax Paid} = 470 \times 0.47 = 220.9 \]

Next, we calculate the income after taxes using the formula: \[ \text{Income After Taxes} = \text{Annual Revenue} - \text{Tax Paid} \] Substituting the values we have: \[ \text{Income After Taxes} = 470 - 220.9 = 249.1 \]

The income after taxes is already rounded to the nearest tenth, which is: \[ \text{Income After Taxes (Rounded)} = 249.1 \]

Final Answer