Suppose your total taxable income this year is $75 000 you are taxed at a rate of 10 percent on the first 25000 20 percent on the next 25000 and 30 percent on the final 25000 what us your total income tax

Question

Business

Kolten Hopkins

5 November, 19:37

Suppose your total taxable income this year is $75 000 you are taxed at a rate of 10 percent on the first 25000 20 percent on the next 25000 and 30 percent on the final 25000 what us your total income tax

+1

Answers (1)

Know the Answer?

Kirsten Mccarthy · Answer 1

For the first $25,000, you are taxed at a rate of 10% so your tax for this part is $2,500. For the second $25,000, you are taxed at a rate of 20% so your tax for this part is $5,000. For the last $25,000, you are taxed at a rate of 30% so your tax for this part is $7,500. Your total income tax, combining the taxes from the three parts is $15,000.