Question

A certain state uses the following progressive

tax rate for calculating individual income tax:
Income
Range ($)
Progressive
Tax Rate
2%
3%
5%
17,001 and up
5.75%
Calculate the state income tax owed on a $60,000
per year salary.
tax = $[?]
Round your answer to the nearest whole dollar amount.
0-3000
3001-5000
5001-17,000
Enter

Answer 1

The state income tax owed on a $60,000 salary, calculated using a progressive taxation system, is $3,193 when rounded to the nearest whole dollar.

Step-by-step explanation:

The question at hand requires calculating the state income tax owed on a $60,000 salary using a progressive taxation system. Here's how the calculation would work:

• Income from $0 to $3000 at 2% tax: $3000 * 0.02 = $60
• Income from $3001 to $5000 at 3% tax: ($5000 - $3000) * 0.03 = $2000 * 0.03 = $60
• Income from $5001 to $17000 at 5% tax: ($17000 - $5000) * 0.05 = $12000 * 0.05 = $600
• Income from $17001 to $60000 at 5.75% tax: ($60000 - $17000) * 0.0575 = $43000 * 0.0575 = $2472.50

To find the total tax owed, we add up all these amounts: $60 + $60 + $600 + $2472.50 = $3192.50, which rounded to the nearest whole dollar amount is $3,193.