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According to a tax rate formula for a certain year, the amou [#permalink]
11 Dec 2017, 10:05

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According to a tax rate formula for a certain year, the amount of tax owed by an individual whose annual income was between $31,850 and $77,100 was equal to a base tax of $4,386 plus 24 percent of the annual income that exceeded $31,850. According to this formula, what was the amount of tax owed by an individual whose annual income that year was $42,000?

Re: According to a tax rate formula for a certain year, the amou [#permalink]
11 Dec 2017, 15:50

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Hello,

So we have a fixed value which is 4,386. We have in addition a tax of 24% which is in excess of 31 850. So it would be written as follows: 24 % ( x - 31850). Since we know already that his wage is 42,000 we simply replace x. So tax formula would be as follows: Total tax = 4386 + 0,24 % (42000 - 31850) Totam tax = 4386 + 0,24% (10150) Totam tax = 4386 + 2436 6 822

greprepclubot

Re: According to a tax rate formula for a certain year, the amou
[#permalink]
11 Dec 2017, 15:50