The income tax policy for residents of a tiny island nation that uses U. S. Dollars as its currency is as follows: The first $20,000 of a citizen's income is taxed at a rate of 10%. The next $30,000 of the citizen's income is taxed at a rate of 18%. Any amount over $50,000 is taxed at a rate of 27%.
How much income tax would an individual with an income of x dollars be charged, where x is at least $50,000?
0.10 (20,000) + 0.18 (30,000) + 0.27x
0.10 (x - 20,000) + 0.18 (x - 30,000) + 0.27x
0.10 (20,000) + 0.18 (30,000) + 0.27 (x - 50,000)
0.10 (20,000) + 0.18 (30,000) + 0.27 (50,000 - x)
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Home » Mathematics » The income tax policy for residents of a tiny island nation that uses U. S. Dollars as its currency is as follows: The first $20,000 of a citizen's income is taxed at a rate of 10%. The next $30,000 of the citizen's income is taxed at a rate of 18%.