The total income tax in the year is \(\boxed{\$ 15000}.\)
Further explanation:
Given:
The total taxable income is \(\$75000.\)
The rate of tax on the first \(\$25000\) is \(10\%.\)
The rate of tax on the next \(\$25000\) is \(20\%.\)
The rate of tax on the next \(\$25000\) is \(30\%.\)
Explanation:
The rate of tax on the first \(\$25000\) is \(10\%.\)
The income tax on the first \(\$25000\) can be obtained as follows,
\(\begin{aligned}{\text{Income tax}}&=\frac{{10}}{{100}}\times 25000\\&= \$ 2500\\\end{aligned}\)
The rate of tax on the next \(\$25000\) is \(20\%.\)
The income tax on the next \(\$25000\) can be obtained as follows,
\(\begin{aligned}{\text{Income tax}}&= \frac{{20}}{{100}}\times 25000\\&=\$5000\\\end{aligned}\)
The rate of tax on the next \(\$25000\) is \(30\%.\)
The income tax on the next \$25000 can be obtained as follows,
\(\begin{aligned}{\text{Income tax}}&=\frac{{30}}{{100}}\times 25000\\&=\$ 7500\\\end{aligned}\)
The total income tax can be obtained as follows,
\(\begin{aligned}{\text{Total income tax}} &= \$ 2500 + \$ 5000 + \$ 7500\\&= \$ 15000\\\end{aligned}\)
Hence, the total income tax in the year is \(\boxed{\$ 15000}\).
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Answer details:
Grade: High School
Subject: Mathematics
Chapter: Income Tax
Keywords:Total taxable income, tax, $75000, rate, 10 percent, 20 percent, final, income tax, 30 percent, salary.
