Question

BUSINESS MATH calculate the state income tax owed on an 80,000 per year salary

Answer 1

$4,600

1) As we can see from the table there is a progressive tax rate, i.e. the more you earn the more you pay.

2) Earning $80,000 per year will place you on the last row, i.e. the tax is 5.75% so we can tell that:

$80,000\times0.0575=\ 4600$

Note that 5.75% is the same as 0.0575

Hence, the answer is $4,600.00