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According to a tax rate formula for a certain year, the amou

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According to a tax rate formula for a certain year, the amou [#permalink] New post 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?

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

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