Explore a diverse range of topics and get expert answers on IDNLearn.com. Get accurate and detailed answers to your questions from our dedicated community members who are always ready to help.
Sagot :
To calculate the state income tax on a [tex]$60,000 per year salary using the given progressive tax rates, we need to apply the tax rates to the different segments of the income as specified by the tax brackets. Here is a detailed step-by-step breakdown of the calculations:
1. Calculate tax for the $[/tex]0 - 25,000[tex]$ bracket:
- Tax rate: 2%
- Income in this bracket: $[/tex]25,000
- Tax: [tex]\( 25,000 \times 0.02 = 500 \)[/tex]
2. Calculate tax for the [tex]$25,001 - 39,000$[/tex] bracket:
- Tax rate: 4%
- Income in this bracket: [tex]$39,000 - $[/tex]25,000 = [tex]$14,000 - Tax: \( 14,000 \times 0.04 = 560 \) 3. Calculate tax for the $[/tex]39,001+ bracket:
- Tax rate: 6%
- Income in this bracket: [tex]$60,000 - $[/tex]39,000 = [tex]$21,000 - Tax: \( 21,000 \times 0.06 = 1,260 \) 4. Sum up the taxes from all brackets: - Tax from $[/tex]0 - 25,000[tex]$ bracket: $[/tex]500
- Tax from [tex]$25,001 - 39,000$[/tex] bracket: [tex]$560 - Tax from $[/tex]39,001+ bracket: [tex]$1,260 - Total tax: \( 500 + 560 + 1,260 = 2,320 \) Thus, the state income tax owed on a $[/tex]60,000 per year salary is $2,319.9.
- Tax: [tex]\( 25,000 \times 0.02 = 500 \)[/tex]
2. Calculate tax for the [tex]$25,001 - 39,000$[/tex] bracket:
- Tax rate: 4%
- Income in this bracket: [tex]$39,000 - $[/tex]25,000 = [tex]$14,000 - Tax: \( 14,000 \times 0.04 = 560 \) 3. Calculate tax for the $[/tex]39,001+ bracket:
- Tax rate: 6%
- Income in this bracket: [tex]$60,000 - $[/tex]39,000 = [tex]$21,000 - Tax: \( 21,000 \times 0.06 = 1,260 \) 4. Sum up the taxes from all brackets: - Tax from $[/tex]0 - 25,000[tex]$ bracket: $[/tex]500
- Tax from [tex]$25,001 - 39,000$[/tex] bracket: [tex]$560 - Tax from $[/tex]39,001+ bracket: [tex]$1,260 - Total tax: \( 500 + 560 + 1,260 = 2,320 \) Thus, the state income tax owed on a $[/tex]60,000 per year salary is $2,319.9.
We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Accurate answers are just a click away at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.