**Progressive Tax Rate Calculation**A certain state uses the following progressive tax rate for calculating individual income tax:| Income Range ($) | Progressive Tax Rate ||------------------|----------------------|| 0 - 2000 | 2% || 2001 - 9000 | 5% || 9001 and up | 5.4% |**Task:**Calculate the state income tax owed on a $60,000 per year salary.**Formula:**Tax = $[?]*Round your answer to the nearest whole dollar amount.*

tax on first 2000 = 2% of 2000 = 40 tax on next 7000 = 5% of 7000 = 350

A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $60,00C per year salary. tax = $[ ? ] %3D

A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $60,00C per year salary. tax = $[ ? ] %3D

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

**Progressive Tax Rate Calculation**

A certain state uses the following progressive tax rate for calculating individual income tax:

| Income Range ($) | Progressive Tax Rate |
|------------------|----------------------|
| 0 - 2000 | 2% |
| 2001 - 9000 | 5% |
| 9001 and up | 5.4% |

**Task:**

Calculate the state income tax owed on a $60,000 per year salary.

**Formula:**

Tax = $[?]

*Round your answer to the nearest whole dollar amount.*

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