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% Calculate the state income tax owed on a $70,000 per year salary. tax = $[?]
A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) Progressive Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $70,000 per year salary. tax = $[?]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A certain state uses the following progressive tax rate for calculating individual income tax:
Income Range ($) Progressive Tax Rate
0 - 2000 2%
2001 - 9000 5%
9001 and up 5.4%
Calculate the state income tax owed on a $70,000 per year salary.
tax = $[?]
Round your answer to the nearest whole dollar amount.
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