Mr. Hernandez, who was a resident of State X for only 8 : GMAT Problem Solving (PS)
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# Mr. Hernandez, who was a resident of State X for only 8

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Intern
Status: Waiting for Decisions
Joined: 23 Dec 2012
Posts: 42
Location: India
Sahil: Bansal
GMAT 1: 570 Q49 V20
GMAT 2: 690 Q49 V34
GPA: 3
WE: Information Technology (Computer Software)
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Mr. Hernandez, who was a resident of State X for only 8 [#permalink]

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02 Aug 2013, 09:29
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Difficulty:

35% (medium)

Question Stats:

78% (01:28) correct 22% (01:53) wrong based on 18 sessions

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Mr. Hernandez, who was a resident of State X for only 8 months last year, had a taxable income of $22,500 for the year. If the state tax rate were 4 percent of the year’s taxable income prorated for the proportion of the year during which the taxpayer was a resident, what would be the amount of Mr. Hernandez’s State X tax for last year? (A)$900
(B) $720 (C)$600
(D) $300 (E)$60
[Reveal] Spoiler: OA
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02 Aug 2013, 10:11
bsahil wrote:
Mr. Hernandez, who was a resident of State X for only 8 months last year, had a taxable income of $22,500 for the year. If the state tax rate were 4 percent of the year’s taxable income prorated for the proportion of the year during which the taxpayer was a resident, what would be the amount of Mr. Hernandez’s State X tax for last year? (A)$900
(B) $720 (C)$600
(D) $300 (E)$60

Total tax for the year = 22,500 x 4% = 900
As stated Annual tax is prorated as per the duration of stay.
Prorated Tax = 900 (8/12) = 600
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Re: quant income tax   [#permalink] 02 Aug 2013, 10:11
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