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-(Table: Taxes,Spending,and Income)Use Table: Taxes,Spending,and Income.Suppose Governor Meridias decides to initiate a state income tax.The first $50,000 of household income is tax-free,while any income above $50,000 is taxed at 10%.The tax rate for a household earning $75,000 is _____%.

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Use the following to answer question: 
-(Table: Taxes,Spending,and Income)Use Table: Taxes,Spending,and Income.Suppose Governor Meridias decides to initiate a state income tax.The first $50,000 of household income is tax-free,while any income above $50,000 is taxed at 10%.The tax rate for a household earning $75,000 is _____%.

Quizplus · Accepted Answer

For a household earning $75,000:
- The first $50,000 is tax-free.
- The remaining $25,000 is taxed at 10%.
- So the tax amount is $2,500 (i.e., 10% of $25,000).
- The tax rate is the tax amount as a percentage of the total income, which is $75,000.
- Therefore, the tax rate is (2,500 / 75,000) x 100 = 3.33%.

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