Question

In a certain country, income tax is assessed as follows. There is no tax on income up to $15000. Any income over $15000 is taxed at a rate of 15%, up to an income of $25000. Any income over $25000 is taxed at 20%. How much tax is assessed on an income of $19000? on 33000?

Answer 1

The tax that is assessed on an income of $19000 is $600

The tax that is assessed on an income of $33,000 is $3,100

How many thresholds would a taxable income have?

A taxable income depending on the amount would have 2 thresholds where the $10,000 between $15000 and $25,000 is taxed at 15% and also the amount above $25,000 is taxed at 20%

An income of $19,000:

Tax=($19,000-$15,000)*15%

tax=$600

An income of $33,000:

First threshold tax=($25,000-$15,000)*15%

First threshold tax=$1,500

Second threshold tax =($33,000-$25,000)*20%

Second threshold tax=$1600

total tax on $33,000=$1500+$1600

total tax on $33,000 income=$3,100

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