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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
10 May 2020, 13:30
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Question Stats:
62% (02:43) correct
37% (03:08) wrong based on 200 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
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
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
General Discussion
Re: For Jack, income tax is between 15 and 35 percent of total i
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10 May 2020, 14:02
10 May 2020, 14:02
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Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
Question From Our New Project: GRE Quant Challenge Questions Daily - NEW EDITION!
