Thread: 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 ?

Originally Posted by diehardmath4

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