Suppose your total taxable income this year is $75 000 you are taxed at a rate of 10 percent on the first 25000 20 percent on the next 25000 and 30 percent on the final 25000 what us your total income tax

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21 January, 08:18

Suppose your total taxable income this year is $75 000 you are taxed at a rate of 10 percent on the first 25000 20 percent on the next 25000 and 30 percent on the final 25000 what us your total income tax

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Adison Maynard · Answer 1

For the first $25,000, you are taxed at a rate of 10% so your tax for this part is $2,500. For the second $25,000, you are taxed at a rate of 20% so your tax for this part is $5,000. For the last $25,000, you are taxed at a rate of 30% so your tax for this part is $7,500. Your total income tax, combining the taxes from the three parts is $15,000.