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SIZIF [17.4K]
4 years ago
12

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 o

n the next $25,000, and 30 percent on the final $25,000. What is your total income tax?
Mathematics
2 answers:
Kruka [31]4 years ago
4 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%
maxonik [38]4 years ago
4 0

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}.

Learn more:

1. Learn more about inverse of the functionhttps://brainly.com/question/1632445.

2. Learn more about equation of circle brainly.com/question/1506955.

3. Learn more about range and domain of the function brainly.com/question/3412497

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.

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