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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
03 May 2012, 07:35
3
This post received KUDOS
giri903 wrote:
After paying a 10 percent tax on all income over $3,000, a person had a net income of $12,000. What was the income before taxes?
A. $13,300 B. $13,000 C. $12,900 D. $10,000 E. $9,000
please help me the logic behind solving this...i am applying the below one
12000=3000+(x-3000)10% where x is actual income without taxes...
but i dont find any ans over here....
simple way to solve the problem
as for first 3000$ there is no tax, so the amount given after deducting 10% tax is 12000$(9000+3000) that means it also incl 3000$ so after deducting that 3000 from 1200 leaves 9000 which is 90% of the taxable income so the equation looks like this
for 90% 9000 for 100 % 10000
therefore the total taxable income is 10000$ and income before deducting tax is 10000$+3000$=13000$
Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
24 Sep 2014, 19:56
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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
24 Sep 2014, 21:51
Expert's post
giri903 wrote:
After paying a 10 percent tax on all income over $3,000, a person had a net income of $12,000. What was the income before taxes?
A. $13,300 B. $13,000 C. $12,900 D. $10,000 E. $9,000
please help me the logic behind solving this...i am applying the below one
12000=3000+(x-3000)10% where x is actual income without taxes...
but i dont find any ans over here....
Using options works wonderfully well too because of the good round numbers. You know that net income was 12000 so gross must be more. Hence (D) and (E) are definitely out.
Also, first 3000 is non-taxable so say the gross income is 13,000 (easiest of the options). Taxable income becomes 10000, 10% of which is 1000 (the amount of tax). This gives us net income of 12000, as expected. So answer is 13,000.
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