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After paying a 10 percent tax on all income over $3,000, a [#permalink]
 02 May 2012, 21:41
Question Stats:
59% (02:15) correct
40% (01:44) wrong based on 32 sessions
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....
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Let x be the income over 3000 Then (x-x/10) + 3000 = 12000 => x = 10000 Therefore income before taxes = 10000 + 3000 = 13000 Option (B)
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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
03 May 2012, 00:43
1
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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.... Say x is the income before taxes (as you denoted), then equation should be: 3,000+(x-3,000)*0.9=12,000 --> x=13,000. Answer: B. Hope it's clear.
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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
03 May 2012, 01:07
Thanks a ton...i understood what mistake i have done...
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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
03 May 2012, 08:35
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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$ Answer option is b Hope it short and clear if satisfied give me +1 kudos.
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Re: After paying a 10 percent tax on all income over $3,000, a [#permalink]
28 Feb 2013, 23:29
3000 + x - 10x/100 = 12000
Solving this, we get ans = B (10000)
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Re: After paying a 10 percent tax on all income over $3,000, a
[#permalink]
28 Feb 2013, 23:29
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