The city of Springvale imposes a net income tax on businesses operating within its jurisdiction.The tax equals 1% of income up to $100,000 and 1.5% of income in excess of $100,000.The Springvale Bar and Grill generated $782,000 net income this year.Compute its city income tax.

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The Answer of The city of Springvale imposes a net income tax on businesses operating within its jurisdiction.The tax equals 1% of income up to $100,000 and 1.5% of income in excess of $100,000.The Springvale Bar and Grill generated $782,000 net income this year.Compute its city income tax.

The City of Springvale Imposes a Net Income Tax on Businesses