What does a person who earns $74500 pay as taxes in the following case:In a progressive income tax system, the tax till $25000 is 10%, it becomes...

We will divide the income into the three
categories.

74,500 = 25,000 + 25,000 +
24,500

The first 25,000, the tax is
10%

==> 10% * 25,000 =
2500

The second 25,000 , the tax is
25%

==> 25% * 25,000 =
6256

The third is 24,500 , the tax is
30%.

==> 30% * 24,500 =
7350

Now we will add all three
taxes.

==> 2500 + 6250 + 7350 =
16,100

Then the person whose income is 74,500
pays taxes of $16,100.