To calculate the tax paid, we will apply the progressive tax rates for the different income ranges.
First, let's find the tax for the first income range: 0 to 2000 at a rate of 2%. Since the person's income is $50,000, and this range does not cover any part of the income, the tax for this range is 0.
Next, let's determine the tax for the second income range: 2001 to 9000 at a rate of 5%. The income for this range is the difference between $9000 and $2000, which is $7000. So, the tax for this range is:
$7000 × 0.05 = $350
Finally, let's calculate the tax for the third income range: 9001 and up at a rate of 5.4%. The income for this range is the remaining amount after accounting for the first two ranges, which is $50,000 - $9000 = $41,000. Thus, the tax for this range is:
$41000 × 0.054 = $2,214
To find the total tax paid, we sum up the taxes from each income range:
Total tax paid = Tax for range 1 + Tax for range 2 + Tax for range 3
Total tax paid = $0 + $350 + $2,214
Total tax paid = $2,564
Therefore, the tax paid for a person with an income of $50,000, subject to the given progressive tax rates, would be $2,564.
If a person makes $50,000 and their tax with a progressive tax rate 0 to 2000 is 2% 2001-9000 is 5% and 9001 and up is 5.4% what is the tax paid
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