A certain state uses the following progressivetax rate for calculating individual income tax:IncomeProgressiveRange ($)Tax Rate0- 20002001 - 90002%5%9001 and up5.4%Calculate the state income tax owed on a $60,000per year salary.tax = $[ ? ]%3DRound your answer to the nearest whole dollar amount.Enterellus Corporation. All Rights Reserved.

tax on first 2000 = 2% of 2000 = 40 tax on next 7000 = 5% of 7000 = 350

A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $60,00C per year salary. tax = $[ ? ] %3D

A certain state uses the following progressive tax rate for calculating individual income tax: Income Progressive Range ($) Tax Rate 0 - 2000 2% 2001 - 9000 5% 9001 and up 5.4% Calculate the state income tax owed on a $60,00C per year salary. tax = $[ ? ] %3D

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 43P

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

A certain state uses the following progressive
tax rate for calculating individual income tax:
Income
Progressive
Range ($)
Tax Rate
0- 2000
2001 - 9000
2%
5%
9001 and up
5.4%
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
ellus Corporation. All Rights Reserved.

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