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For Jack, income tax is between 15 and 35 percent of total i
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13 May 2020, 11:20
13 May 2020, 11:20
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Question Stats:
89% (01:56) correct
10% (03:40) wrong based on 37 sessions
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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
❑ $13,000
❑ $23,100
❑ $33,200
❑ $43,300
❑ $53,400
❑ $63,500
❑ $73,600
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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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13 May 2020, 11:20
13 May 2020, 11:20
Expert Reply
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Re: For Jack, income tax is between 15 and 35 percent of total i
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13 May 2020, 17:27
13 May 2020, 17:27
1
let's say taxable income = x
In the case of 15% tax; x*0.15 = 8700, and x = 58000
With the exclusion amount is between $5,200 and $9,800, total income is between x+5,200 and x+9,800
In this case, total income is between, 63200 and 67800
In the case of 35% tax; x*0.35 = 8700, and x = 24857
With the exclusion amount is between $5,200 and $9,800, total income is between x+5,200 and x+9,800
In this case, total income is between, 30057 and 34567
from above, the range of total income is in between 30057 and 67800
In the case of 15% tax; x*0.15 = 8700, and x = 58000
With the exclusion amount is between $5,200 and $9,800, total income is between x+5,200 and x+9,800
In this case, total income is between, 63200 and 67800
In the case of 35% tax; x*0.35 = 8700, and x = 24857
With the exclusion amount is between $5,200 and $9,800, total income is between x+5,200 and x+9,800
In this case, total income is between, 30057 and 34567
from above, the range of total income is in between 30057 and 67800
