In a certain country, income tax is assessed as follows. There is no tax on income up to $10,000. Any income over $10,000 is taxed at a rate of 10%, up to an income of $20,000. Any income over $20,000 is taxed at 15%. How much tax is assessed on $13,000? How much tax is assessed on $24,000?
To calculate the tax assessed on $13,000, we first determine the income that is taxed at the two different rates.
Income up to $10,000 is not taxed. The remaining $3,000 is taxed at a rate of 10%.
So the tax assessed on $13,000 is $3,000 * 0.10 = $300.
To calculate the tax assessed on $24,000, we calculate the income that is taxed at each rate.
Income up to $10,000 is not taxed. The next $10,000 is taxed at a rate of 10%. The remaining $4,000 is taxed at a rate of 15%.
So the tax assessed on $24,000 is ($10,000 * 0.10) + ($4,000 * 0.15) = $1,000 + $600 = $1,600.
To calculate the tax assessed on $13,000, we need to determine the income range it falls into.
Since $13,000 is over $10,000 but less than $20,000, it falls into the income range where any amount over $10,000 is taxed at a rate of 10%.
The amount over $10,000 is $13,000 - $10,000 = $3,000.
Therefore, the tax assessed on $13,000 is $3,000 * 0.10 = $300.
To calculate the tax assessed on $24,000, we need to determine the income range it falls into.
Since $24,000 is over $20,000, it falls into the income range where any amount over $20,000 is taxed at a rate of 15%.
The amount over $20,000 is $24,000 - $20,000 = $4,000.
Therefore, the tax assessed on $24,000 is $4,000 * 0.15 = $600.