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Math Help - Help on income tax question

  1. #1
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    Help on income tax question

    A province's progressive income tax rates are structured as follows: 16% tax on the first 15,000 of taxable income , 26% on the next 20,000 , 35% on the next $ 40,000, and 45% on any additional taxable income. What percentage is an individual's total income tax of his ( taxable ) income if his taxble income for a year is:

    a) $33,000? b) $66,000 c) $ 99,000 ?
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  2. #2
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    Quote Originally Posted by diehardmath4 View Post
    A province's progressive income tax rates are structured as follows: 16% tax on the first 15,000 of taxable income , 26% on the next 20,000 , 35% on the next $ 40,000, and 45% on any additional taxable income. What percentage is an individual's total income tax of his ( taxable ) income if his taxble income for a year is:

    a) $33,000? b) $66,000 c) $ 99,000 ?
    I'll solve a) and you can use that example to tackle the other two.

    16% of $15,000 = .16 X 15000 = $2,400

    $ 33,000 - $15,000 = $18,000

    26% of $18,000 = .26 X 18000 = $4,680

    Total tax = $7,080

    \frac{taxes}{income}=\frac{{\color{red}7080}}{3300  0}\approx .215 \approx 21.5\%
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