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 = $[?]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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