The total income tax in the year is [tex]\boxed{\$ 15000}.[/tex]
Further explanation:
Given:
The total taxable income is [tex]\$75000.[/tex]
The rate of tax on the first [tex]\$25000[/tex] is [tex]10\%.[/tex]
The rate of tax on the next [tex]\$25000[/tex] is [tex]20\%.[/tex]
The rate of tax on the next [tex]\$25000[/tex] is [tex]30\%.[/tex]
Explanation:
The rate of tax on the first [tex]\$25000[/tex] is [tex]10\%.[/tex]
The income tax on the first [tex]\$25000[/tex] can be obtained as follows,
[tex]\begin{aligned}{\text{Income tax}}&=\frac{{10}}{{100}}\times 25000\\&= \$ 2500\\\end{aligned}[/tex]
The rate of tax on the next [tex]\$25000[/tex] is [tex]20\%.[/tex]
The income tax on the next [tex]\$25000[/tex] can be obtained as follows,
[tex]\begin{aligned}{\text{Income tax}}&= \frac{{20}}{{100}}\times 25000\\&=\$5000\\\end{aligned}[/tex]
The rate of tax on the next [tex]\$25000[/tex] is [tex]30\%.[/tex]
The income tax on the next \$25000 can be obtained as follows,
[tex]\begin{aligned}{\text{Income tax}}&=\frac{{30}}{{100}}\times 25000\\&=\$ 7500\\\end{aligned}[/tex]
The total income tax can be obtained as follows,
[tex]\begin{aligned}{\text{Total income tax}} &= \$ 2500 + \$ 5000 + \$ 7500\\&= \$ 15000\\\end{aligned}[/tex]
Hence, the total income tax in the year is [tex]\boxed{\$ 15000}[/tex].
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Answer details:
Grade: High School
Subject: Mathematics
Chapter: Income Tax
Keywords:Total taxable income, tax, $75000, rate, 10 percent, 20 percent, final, income tax, 30 percent, salary.
