Question

A certain state uses the following progressive tax rate for calculating individual income tax:

Answer 1

9514 1404 393

Answer:

  $2618

Step-by-step explanation:

The total tax due will be the sum of the amounts due in each bracket.

  2%×$3000 +3%×(5000 -3000) +5%×(17000 -5000) +5.75%×(50000 -17000)

  = 60 +60 +600 +1897.50 = $2617.50 ≈ $2618

The state income tax on $50,000 is $2618.