Question

BUSINESS MATH calculate the state income tax owed on an 80,000 per year salary

Answer 1

The state income tax owed on the amount of money given would be = $4,600.

How to calculate the state income tax of the given income?

To calculate the state income tax of the given income, the following steps should be taken as follows:

Given that;

Income on a salary = $80,000/yr

The progressive tax rate = 5.75%

Therefore, the state income tax owed;

= 5.75/100 × 80,000

= 5.75×800

= $4,600

Answer 2

$4,600

1) As we can see from the table there is a progressive tax rate, i.e. the more you earn the more you pay.

2) Earning $80,000 per year will place you on the last row, i.e. the tax is 5.75% so we can tell that:

`80,000*0.0575=\$4600`

Note that 5.75% is the same as 0.0575

Hence, the answer is $4,600.00