The taxable income of Mr. A for the tax year 2022 is $450,000. His tax liability is to be computed using the progressive tax rate system. The tax rates for the tax year 2022 are:

• 0% on the first $50,000 of taxable income;
• 5% on the next $50,000 of taxable income;
• 10% on the next $100,000 of taxable income;
• 15% on the next $150,000 of taxable income;
• 20% on the next $150,000 of taxable income; and
• 25% on any taxable income over $500,000.

Compute the tax payable by Mr. A for the tax year 2022.

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