Question

A certain state uses the following progressivetax rate for calculating individual income tax:Income ProgressiveRange ($) Tax Rate0 - 3000293001 - 50003%5001 - 17,00017,001 and up 5.75%Calculate the state income tax owed on a $50,000per year salary.tax = $[?]Round your answer to the nearest whole dollar amount.Enter5%All Rise

Answer 1

we have that

For an income of 17,001 and up the tax rate is 5.75%

the income is $50,000

so

5.75%=0.0575

Multiply $50,000 by the factor of 0.0575 to obtain the tax

tax=50,000*0.0575

tax=$2,875