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 $25,000, and 30 percent on the final $25,000. What is your total income tax?

Answer 1

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%

Answer 2

The total income tax in the year is $\boxed{\ 15000}.$

Further explanation:

Given:

The total taxable income is $\ 75000.$

The rate of tax on the first $\ 25000$ is $10\%.$

The rate of tax on the next $\ 25000$ is $20\%.$

The rate of tax on the next $\ 25000$ is $30\%.$

Explanation:

The rate of tax on the first $\ 25000$ is $10\%.$

The income tax on the first $\ 25000$ can be obtained as follows,

$\begin{aligned}{\text{Income tax}}&=\frac{{10}}{{100}}\times 25000\\&= \ 2500\\\end{aligned}$

The rate of tax on the next $\ 25000$ is $20\%.$

The income tax on the next $\ 25000$ can be obtained as follows,

$\begin{aligned}{\text{Income tax}}&= \frac{{20}}{{100}}\times 25000\\&=\ 5000\\\end{aligned}$

The rate of tax on the next $\ 25000$ is $30\%.$

The income tax on the next \$25000 can be obtained as follows,

$\begin{aligned}{\text{Income tax}}&=\frac{{30}}{{100}}\times 25000\\&=\ 7500\\\end{aligned}$

The total income tax can be obtained as follows,

$\begin{aligned}{\text{Total income tax}} &= \ 2500 + \ 5000 + \ 7500\\&= \ 15000\\\end{aligned}$

Hence, the total income tax in the year is $\boxed{\ 15000}$.

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Answer details:

Grade: High School

Subject: Mathematics

Chapter: Income Tax

Keywords:Total taxable income, tax, $75000, rate, 10 percent, 20 percent, final, income tax, 30 percent, salary.