If personal income up to and including $25,000 is not taxed,income of $25,001 to $50,000 is taxed at 10%,and income over $50,000 is taxed at 25%,a family earning $60,000 of income will pay _____ in personal taxes.

A) $5,000
B) $8,000
C) $11,250
D) $16,000

Question

Melinda Ownton · Accepted Answer

Final Answer : A, Explanation :  The first $25,000 is not taxed. The next $25,000 (from $25,001 to $50,000) is taxed at 10%, which is $2,500. The remaining $10,000 (from $50,001 to $60,000) is taxed at 25%, which is $2,500. Total tax is $2,500 + $2,500 = $5,000.

If personal income up to and including $25,000 is not taxed,income of $25,001 to $50,000 is taxed at 10%,and income over $50,000 is taxed at 25%,a family earning $60,000 of income will pay _____ in personal taxes.

A) $5,000
B) $8,000
C) $11,250
D) $16,000

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Learning Objectives

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If personal income up to and including $25,000 is not taxed,income of $25,001 to $50,000 is taxed at 10%,and income over $50,000 is taxed at 25%,a family earning $60,000 of income will pay _____ in personal taxes.A) $5,000B) $8,000C) $11,250D) $16,000

Definitions

Learning Objectives

Learning Objectives

Related questions

If personal income up to and including $25,000 is not taxed,income of $25,001 to $50,000 is taxed at 10%,and income over $50,000 is taxed at 25%,a family earning $60,000 of income will pay _____ in personal taxes.

A) $5,000
B) $8,000
C) $11,250
D) $16,000