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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Use the following table to answer questions 1–4:

images

2. If a person’s income is $14,000, how much does she pay in taxes?

To determine

Identify the taxable amount.

Explanation

As per the given table, people who lie under the income range between $10,001 and $15,000 have to pay $1,100 plus 15% of everything over $10,000 as tax. Since the income is $14,000, 15% of $4,000 ($14,000-$10,000) is $600

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