Calculate the state income tax owed on a $50,000 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
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A certain state uses the following progressive
tax rate for calculating individual income tax:
Income
Progressive
Range ($)
Tax Rate
0 - 3000
3001 - 5000
2%
3%
5001 - 17,000
5%
17,001 and up
5.75%
Calculate the state income tax owed on a $50,000
per year salary.
tax = $[? ]
Round your answer to the nearest whole dollar amount.
Enter
cellus Corporation. All Rights Reserved.
69
立
Transcribed Image Text:A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0 - 3000 3001 - 5000 2% 3% 5001 - 17,000 5% 17,001 and up 5.75% Calculate the state income tax owed on a $50,000 per year salary. tax = $[? ] Round your answer to the nearest whole dollar amount. Enter cellus Corporation. All Rights Reserved. 69 立
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