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

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Joined: 22 Nov 2007
Posts: 1060
A monthly income of \$5000 or less is taxed at 30% while  [#permalink]

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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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Joined: 05 Jan 2008
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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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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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