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Suppose tax rate on first $10,000 of income is 0 percent; 10 percent on next $20,000; 20 percent on next $20,000; 30 percent on next $20,000; and 40 percent on income over $70,000. Family A has income of $120,000 and Family B an income of $55,000. What is tax bill of each?

Respuesta :

estebancgo

Answer:

Family A=32.000  and Family B=6.000

Explanation:

there are the calculations

[tex]Family A=10.000*0\%+20.000*10\%+20.000*20\%+20.000*30\%+50.000*40\%[/tex]

[tex]Family A=32.000[/tex]

the key here to apply the formula is to go adding the value so the first 10.000 multiplied by 0, the 20.000 multiplied by 10%..., but here we have 30.000 of the total 120.000

[tex]Family B=10.000*0\%+20.000*10\%++20.000*20\%[/tex]

[tex]Family B=6.000[/tex]

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