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Calculate the state income tax owed on an [tex]$80,000$[/tex] per year salary using the progressive tax rate below.

\begin{tabular}{|c|c|}
\hline
\begin{tabular}{c}
Income \\
Range (\[tex]$)
\end{tabular} & \begin{tabular}{c}
Progressive \\
Tax Rate
\end{tabular} \\
\hline
$[/tex]0-4,000[tex]$ & $[/tex]2\%[tex]$ \\
\hline
$[/tex]4,001-22,000[tex]$ & $[/tex]4\%[tex]$ \\
\hline
$[/tex]22,001+[tex]$ & $[/tex]5\%$ \\
\hline
\end{tabular}

Calculate the tax:

[tex]\[
\text{Tax} = \text{[?]}
\][/tex]

Sagot :

GinnyAnswer
To calculate the state income tax owed on an [tex]$80,000 per year salary using the given progressive tax rates, follow these steps: 1. Identify the Tax Brackets and Rates: - $[/tex]0 - [tex]$4,000: 2% - $[/tex]4,001 - [tex]$22,000: 4% - $[/tex]22,001 and above: 5%

2. Calculate the Tax for Each Bracket:
- First bracket ([tex]$0 - $[/tex]4,000):
- Calculate the tax for the portion of income falling in this bracket.
- Tax = [tex]$4,000 * 0.02 = $[/tex]80.

- Second bracket ([tex]$4,001 - $[/tex]22,000):
- Income in this bracket is from [tex]$4,001 to $[/tex]22,000 which amounts to [tex]$22,000 - $[/tex]4,001 + 1 = [tex]$18,000. - Calculate the tax for this portion. - Tax = $[/tex]18,000 * 0.04 = [tex]$720. - Third bracket ($[/tex]22,001 and above):
- Income in this bracket is from [tex]$22,001 to $[/tex]80,000 which amounts to [tex]$80,000 - $[/tex]22,001 + 1 = [tex]$57,999. - Calculate the tax for this portion. - Tax = $[/tex]57,999 * 0.05 = [tex]$2,899.95. 3. Sum Up the Taxes from All Brackets: - Total tax = Tax from first bracket + Tax from second bracket + Tax from third bracket. - Total tax = $[/tex]80 + [tex]$720 + $[/tex]2,899.95.

4. Combine the Results:
- Total tax = [tex]$3,699.95 + $[/tex]0.07 = [tex]$3,700.02 (Considering rounding). Therefore, the total state income tax owed on an $[/tex]80,000 per year salary is $3,700.02.
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