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For Jack, income tax is between 15 and 35 percent of total i
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10 May 2020, 13:30

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Question Stats:

For Jack, income tax is between 15 and 35 percent of total income after an "exclusion" amount has been subtracted (that is, Jack does not have to pay any income tax on the exclusion amount, only on the remainder of his total income). If the exclusion amount is between $5,200 and $9,800, and Jack's income tax was $8,700, which of the following could have been Jack's total income?

❑ $13,000

❑ $23,100

❑ $33,200

❑ $43,300

❑ $53,400

❑ $63,500

❑ $73,600

Kudos for the right answer and explanation

❑ $13,000

❑ $23,100

❑ $33,200

❑ $43,300

❑ $53,400

❑ $63,500

❑ $73,600

Kudos for the right answer and explanation

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Official Answer

C,D,E,F

Re: For Jack, income tax is between 15 and 35 percent of total i
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12 Oct 2020, 20:28

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The tax rate of Jack ranges from 15% to 35%; therefore, with the income tax of 8700, Jack will have the excluded income ranges from 24,857 (=8700/15%) to 58,000 (=8700/35%)

Jack's exclusion ranges from 5200 to 9800, we can calculate the lowest total income by adding the lowest exclusion to the lowest excluded income and the highest total income by adding the highest exclusion to the highest excluded income as the following:

Lowest income = 24,857 + 5200 = 30,057

Highest income = 58,000 + 9,800 = 67,800

Hence, Jack's total income will range from 30,057 to 67,800; Therefore, the answer includes C,D,E,F

Jack's exclusion ranges from 5200 to 9800, we can calculate the lowest total income by adding the lowest exclusion to the lowest excluded income and the highest total income by adding the highest exclusion to the highest excluded income as the following:

Lowest income = 24,857 + 5200 = 30,057

Highest income = 58,000 + 9,800 = 67,800

Hence, Jack's total income will range from 30,057 to 67,800; Therefore, the answer includes C,D,E,F

Re: For Jack, income tax is between 15 and 35 percent of total i
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10 May 2020, 14:02

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Re: For Jack, income tax is between 15 and 35 percent of total i
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10 May 2020, 21:57

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We are given that income tax percent is between 15 and 35 and the amount of income tax is $8,700.

Thus, 8,700= 15/100 x, thus x= 24,857 and 8,700= 35/100 x, thus x= 58,000.

To find the range, add exclusion amount to these numbers.

Thus, 58,000 + 9,800 = 67,800 (high) and 24,857 + 5,200 = 30,057 (low).

Options C, D, E and F are inside this range.

Thus, 8,700= 15/100 x, thus x= 24,857 and 8,700= 35/100 x, thus x= 58,000.

To find the range, add exclusion amount to these numbers.

Thus, 58,000 + 9,800 = 67,800 (high) and 24,857 + 5,200 = 30,057 (low).

Options C, D, E and F are inside this range.

Re: For Jack, income tax is between 15 and 35 percent of total i
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16 Jun 2020, 08:14

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I would start this sum by doing trial and error. I would randomly choose any number which is not too extreme maybe 23100 in the above sum. Irrespective of the exclusion amount he paid 8700 as tax. So, I would subtract 23100-8700=14400 35% of 14400 which is 5040 it is not between $5,200 and $9,800 so I can negate option A and B as A is smaller than B. Then rather than checking the next number that the value would at least rise to $5200 so C is in. I can then check last or the second last value if I consider $63,500-8700=54800*15%=8220 satisfies moving forward to 73600-8700=64900*15%=9735 negating my last option too and all the values between 33200 and 63500 are my answer. Thus C, D, E, F.

And a suggestion this question would definitely not be a sum I would like to do it in my first go until and unless I am good with arithmetic.

And a suggestion this question would definitely not be a sum I would like to do it in my first go until and unless I am good with arithmetic.

Re: For Jack, income tax is between 15 and 35 percent of total i
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10 Jan 2023, 02:30

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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

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