Your sole proprietorship makes $90,000 per year in profits. Your average federal tax rate is 24% and your state tax rate is 6%. How much of your profits do you get to keep?

$63,000

Explanation:

Given that the total profit is $90,000 per year.

The average federal tax rate is 24% and the state tax rate is 6%.

So, total tax rate = 24% +6% =30%

Total taxable amount = 30% of $90,000

=(30/100)x 90,000=$27,000

The remaining amount = $90,000 - $27,000 = $63,000

Hence, I will keep $63,000 of my profit.

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