Question

A certain state uses the following progressivetax rate for calculating individual income tax:IncomeProgressiveRange ($) Tax Rate0 - 10,0003%10,001 - 50,000 5%50,001 - 100,000 5.5%Calculate the state income tax owed on a $70,000per year salary.tax = $[?]Round your answer to tie nearest whole dollar amount.Enter

Answer 1

SOLUTION:

We are to calculate the state income tax owed on a $70,000

per year salary.

$70,000 falls in the range of 50,001 - 100,000 which is 5.5% tax rate.

$\frac{5.5}{100}\text{ X }70,000$$3,850\text{ dollars}$

The state income tax owned on a $70,000 per year salary to the nearest whole dollar amount is $3,850.