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A family paid 12 percent of its annual after-tax income on f
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03 Dec 2019, 02:29
03 Dec 2019, 02:29
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A family paid 12 percent of its annual after-tax income on food last year. This amount was equal to 10 percent of its annual before-tax income last year. Which of the following is closest to the percent of the family's annual before-tax income that was paid for taxes last year?
A. 8%
B. 12%
C. 17%
D. 20%
E. 25%
Kudos for the right answer and explanation
A. 8%
B. 12%
C. 17%
D. 20%
E. 25%
Kudos for the right answer and explanation
Re: A family paid 12 percent of its annual after-tax income on f
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03 Dec 2019, 02:39
03 Dec 2019, 02:39
1
Lets assume salary before tax as (s) and salary after tax as (s-t) and amount for food is (f).
f = 0.12(s-t)
f = 0.1(s)
0.1s = 0.12s - 0.12t
0.12t = 0.12s - 0.1s = 0.02s
t = (0.02/0.12) s = (1/6)s = 0.166 s ~ 17% s
Hence we choose option C
f = 0.12(s-t)
f = 0.1(s)
0.1s = 0.12s - 0.12t
0.12t = 0.12s - 0.1s = 0.02s
t = (0.02/0.12) s = (1/6)s = 0.166 s ~ 17% s
Hence we choose option C
Re: A family paid 12 percent of its annual after-tax income on f
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10 Aug 2022, 03:29
10 Aug 2022, 03:29
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