You earned $20,000 in taxable income. The tax rate on the first $10,000 is 10%. The tax rate on income between $10,001 and $20,000, inclusive, is 20%. Your tax is ________
A) $10,000
B) $1,000
C) $2,000
D) $3,000
E) $4,000
D
Explanation: D) The tax on the first $10,000 is $10,000 × 0.10 = $1,000. The tax on the amount between $10,001 and $20,000 (the second $10,000 of income) is $10,000 × 0.20 = $2,000. Your total tax equals $3,000.
Business
You might also like to view...
Which of the following organizational structures has a disadvantage of extensive duplication of activities within the organization?
A) functional structure B) product division structure C) multidivisional structure D) market structure
Business
According to Maslow, when does a need stop motivating?
A) When one returns to a lower level need. B) A need, even primarily met, still motivates. C) When it is substantially satisfied. D) All of the above.
Business