If tax rates are 10% on income up to $10,000,20% for income between $10,001 and $20,000,and 30% for income over $20,000,the total tax payment for a person earning $25,000 is approximately:

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Quizplus · Accepted Answer

The total tax payment can be calculated as follows: 10% on the first $10,000 = $1,000, 20% on the next $10,000 ($10,001 to $20,000) = $2,000, and 30% on the remaining $5,000 ($20,001 to $25,000) = $1,500. Adding these amounts together gives a total tax payment of $4,500.

If Tax Rates Are 10% on Income Up to $10,000,20