Question

In a certain country, income tax is assessed as follows. There is no tax on income up to $15000. Any income over $15000 is taxed at a rate of 10%, up to an income of $25000. Any income over $25000 is taxed at 15%. How much tax is assessed on an income of $22000?

Answer 1

your answer is going to be $700 this is how u do it

first step: 22000-15000=7000

now you convert the 10% to a decimal and it turns into .10 now multiply that by your 7000 and you get $700 of tax

Answer 2

$700

Explanation:

There is no tax on income up to $15,000

Any income over $15,000 up to an income of $25,000 is taxed at a rate of 10%.

We will calculate the tax on an income of $22,000

First we subtract $15,000 from the total income. that is tax-free.

$22,000 - $15,000

= $ 7,000

Now the taxable income is $7,000 at a rate of 10%

So 10% of 7,000

= 0.1 × 7,000

= $700

Tax is assessed $700 on an income of $22,000.