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Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ?] %3D

Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ?] %3D

FINANCIAL ACCOUNTING
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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State Income Tax A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0-3000 2% 3001 - 5000 3% 5001 - 17,000 5% 17,001 and up 5.75% Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ? ] %3D Round your answer to the nearest whole dollar amount. Enter 1 Acellus Corporation. All Rights Reserved.
Transcribed Image Text:State Income Tax A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0-3000 2% 3001 - 5000 3% 5001 - 17,000 5% 17,001 and up 5.75% Calculate the state income tax owed on a $60,000 per year salary. tax = $[ ? ] %3D Round your answer to the nearest whole dollar amount. Enter 1 Acellus Corporation. All Rights Reserved.
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