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A monthly income of $5000 or less is taxed at 30% while

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VP
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A monthly income of $5000 or less is taxed at 30% while  [#permalink]

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New post 08 Mar 2008, 06:45
2
A monthly income of $5000 or less is taxed at 30% while every dollar in excess of $5000 is taxed at 40%. If Tom paid $1260 in taxes in September and $2860 in taxes in October, what was the percentage increase in Tom's pre-tax earnings from September to October?
 40%
 50%
 75%
 80%
 100%

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Re: Percentage  [#permalink]

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New post 08 Mar 2008, 09:46
A monthly income of $5000 or less is taxed at 30% while every dollar in excess of $5000 is taxed at 40%. If Tom paid $1260 in taxes in September and $2860 in taxes in October, what was the percentage increase in Tom's pre-tax earnings from September to October?

 40%
 50%
 75%
 80%
 100%

(5000/30)*100 = $1500

thus $1260 tax should have been on income less than $5000

thus September earning if 30% =1260 => 100% =$4200

now $2860-$1500=$1360
thus October earning is 5000+ (1360/40)*100 =$8400


((8400-4200)/4200)*100 =100%

thus E

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Re: A monthly income of $5000 or less is taxed at 30% while  [#permalink]

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New post 18 Jul 2018, 07:06
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Re: A monthly income of $5000 or less is taxed at 30% while &nbs [#permalink] 18 Jul 2018, 07:06
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