Question

In a certain country, income tax is assessed as follows. There is no tax on income up to $10,000. Any income over $10,000 is taxed at a rate of 10%, up to an income of $20,000. Any income over $20,000 is taxed at 15%. B. how much tax is assessed on an income of $14000? $26000?

Answer 1

The tax assessed on an income of $14,000 is $140, and the tax assessed on an income of $26,000 is $900.

Step-by-step explanation:

To calculate the amount of tax assessed on an income of $14,000, we need to determine the income ranges and tax rates. In this case, the income range is between $10,000 and $20,000, which falls into the 10% tax bracket. So, the tax assessed on $14,000 would be 10% of the amount over $10,000. Therefore, the tax assessed on an income of $14,000 would be $1,400 x 0.10 = $140.

Now, let's calculate the tax assessed on an income of $26,000. The income range for this amount is between $20,000 and $26,000, which falls into the 15% tax bracket. So, the tax assessed on $26,000 would be 15% of the amount over $20,000. Therefore, the tax assessed on an income of $26,000 would be $6,000 x 0.15 = $900.

Answer 2

So lets see first the one for $14000

10000 free and 4000 at 10%
tax = (14000 - 10000) x 0.1

And now for $26000

there is $6000 more that $20 000
$10000 free + $10000 at 10% + 6000 at 15%
so the tax = (20000 - 10000) x 0.1 +6000 x 0.15