What does "the greater of" means?

There is an AND

it says " it cannot exceed the greater of 50.000 and 25% of total income"

Mamie nailed it. The phrase is like "I resign, and my last day will be when you find a suitable replacement or 30 days, whichever comes first." - there is an option.

If Bill gates gets a $200 speeding ticket, he doesn't care. A progressive law could specify "The fine for speeding will be $200 or a day's salary, whichever is greater".

There is an OR somewhere in that sentence, that you either didn't see, didn't transcribe or was left out by mistake.

It may or may not. I'm sure you haven't given us the full statement. I'm sure it reads something like: "It cannot exceed the greater of 50,000 OR (your annual salary)."

The word GREATER means you are comparing two things -- one is 50,000 and the other is (whatever it is). Please send us the full statement.

"it cannot exceed the greater of 50,000 and 25 % of total income"

If 25% of income is less than 50,000, you pay 25%

If 25% of income is more than 50,000, you pay 50,000

Yes, the phrase of