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Intern
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After paying a 10 percent tax on all income over $3,000, a [#permalink]
 10 Jul 2007, 16:31
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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?
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Director
Joined: 08 Feb 2007
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Location: New Haven, CT
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setup the equation {3,000 + x(1-.10)=12,000} to find taxed amount
{3,000 + x(1-.10)=12,000}, subtract 3,000
x(1-.10)= 9,000, divide out .9
x= 10,000, this is the taxed amount
10,000 * .10 = 1,000
3,000 + 10,000 - 1,000= 12,000
answer is 13,000
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GMAT Club Legend
Joined: 07 Jul 2004
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Let the person's income be x
Then taxable income = (x-3000)
Amount left after tax = 0.9(x-3000) + 3000 = 12000
0.9(x-3000) = 9000
x-3000 =10000
x = 13000
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