Income tax for some states is computed by taking 3% of the excess income over $3,000 plus 1% of the first $3,000. How much tax is charged on a income of $12,000?
12,000
1 percent on first 3000
3 percent of (12,000 - 3000)
I'm trying to figure the relationship between income tax and chemistry.
there is no relationship it's algebra my bad..
Its ok. I was just grinning to myself. We answer questions no matter the title.
To calculate the income tax for an income of $12,000 using the given computation method, we will follow these steps:
1. Calculate 1% of the first $3,000:
1% of $3,000 = 0.01 x $3,000 = $30
2. Calculate the excess income over $3,000:
$12,000 - $3,000 = $9,000
3. Calculate 3% of the excess income:
3% of $9,000 = 0.03 x $9,000 = $270
4. Add the results from steps 1 and 3 to find the total tax charged:
$30 + $270 = $300
Therefore, the tax charged on an income of $12,000 would be $300.