contestada

Suppose the tax rate on the first $10,000 of income is 0 percent; 10 percent on the next $20,000; 20 percent on the next $20,000; 30 percent on the next $20,000; and 40 percent on income over $60,000. Family A has an income of $55,000. What is the tax liability of Family A?

Respuesta :

Answer:

The tax liability of Family A is $7,500

Explanation:

The computation of the tax liability would be

First 10,000 = $0

Next $20,000 = $20,000 × 10% = $2,000

Next $20,000 = $20,000 × 20% = $4,000

Next $5,000 = $5,000 × 30% = $1,500

So, the total tax liability would equal to

= $2,000 + $4,000 + $1,500

= $7,500

On the basis of the given income and given tax rate we calculate the liability of Family A

Otras preguntas