Subjects finance

Progressive Tax C61291

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1. **State the problem:** Calculate the state income tax owed on a salary of $60,000 using the given progressive tax rates. 2. **Understand the tax brackets:** - Income from $0 to $24,000 is taxed at 4%. - Income from $24,001 to $52,000 is taxed at 6%. - Income above $52,000 is taxed at 8%. 3. **Calculate tax for each bracket:** - For the first $24,000: $$24,000 \times 0.04 = 960$$ - For the next $28,000 (from $24,001 to $52,000): $$28,000 \times 0.06 = 1,680$$ - For the remaining $8,000 (from $52,001 to $60,000): $$8,000 \times 0.08 = 640$$ 4. **Sum all taxes:** $$\text{Total Tax} = 960 + 1,680 + 640 = 3,280$$ 5. **Final answer:** The state income tax owed on a $60,000 salary is **3,280**.