Question

A proposed change in income tax suggests charging 20% on a person's income up to $30,000 and then 40% on any

income above that. If a person has an income of $47,000, what will be their income tax under the proposal?
Give your answer in dollars to the nearest dollar. Do not include commas or the dollar symbol in your answer.
Provide your answer below

Answer 1

If you get tax you should know the details of the what the tax is FOR

Explanation:

Not enough details in question

Answer 2

Explanation:

Since the person earns over $30,000, they will be charged 20% on $30,000 plus 40% on ($47,000−$30,000)=$17,000. Hence the total amount of tax that they'd need to pay under the proposal is

Total Income Tax=$30,000×20%+$17,000×40%=$30,000×20100+$17,000×40100=$6,000+$6,800=$12,800.