The total income tax in the year is
Further explanation:
Given:
The total taxable income is
The rate of tax on the first is
The rate of tax on the next is
The rate of tax on the next is
Explanation:
The rate of tax on the first is
The income tax on the first can be obtained as follows,
The rate of tax on the next is
The income tax on the next can be obtained as follows,
The rate of tax on the next is
The income tax on the next \$25000 can be obtained as follows,
The total income tax can be obtained as follows,
Hence, the total income tax in the year is .
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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.