If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and...
If the first $20,000 of your income (or any portion thereof) is taxed at 10%, and the next $30,000 of your income (or any portion thereof) is taxed at 20%, and any income you make above that is taxed at a 30% rate, then a person who earned an income of $500,000 will pay the following amount in taxes:
Group of answer choices:
$156,000
$100,000
$143,000
$150,000
Homework Answers
Answer
--Correct Answer = Option #3: $ 143,000
| Income | Tax rate | Tax to be paid | |
| From $ 0 to $ 20000 | 10% | $2,000 | [$ 20000 x 10%] |
| From $ 20001 to $ 50000 | 20% | $6,000 | [$ 30000 x 20%] |
| From $ 50001 to $ 500000 | 30% | $135,000 | [ ($500000 - 50000) x 30%] |
| Amount of tax to be paid | $143,000 | ANSWER | |
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