Ask Question
10 May, 15:41

Suppose your total taxable income this year is $75,000. You are taxed at a rate of 10 percent on the first $25,000, 20 percent on the next $25,000, and 30 percent on the final $25,000. What is your total income tax?

+3
Answers (1)
  1. 10 May, 17:37
    0
    1) $25,000 * 10% = $2,500

    2) $25,000 * 20% = $5,000

    3) $25,000 * 30% = $7,500

    Total income tax = $2,500 + $5,000 + $7,500 = $15,000.

    Answer: $15,000

    You could calculate the average tax rate: [$15,000 / $75,000] * 100 = 20%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose your total taxable income this year is $75,000. You are taxed at a rate of 10 percent on the first $25,000, 20 percent on the next ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers