document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=161174>Question 161174</A>: <I><SPAN STYLE=\"word-break: break-all;\"> According to the IRS (Internal Revenue Service, www.irs.gov), a single taxpayer with a taxable income over $319,100 in 2004 paid $92,592.50 plus 35% of the amount over $319,100. If Glen paid $255,836 in federal income tax for 2004, then what was his taxable income for 2004? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #118729 by </B><A HREF=/tutors/aboutme.mpl?userid=gonzo><B>gonzo(654)</B></A><img src=\"/images/stars/stars-11.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=gonzo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=118729\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> proglem:<BR>\n" );
document.write( "According to the IRS (Internal Revenue Service, www.irs.gov), a single taxpayer with a taxable income over $319,100 in 2004 paid $92,592.50 plus 35% of the amount over $319,100. If Glen paid $255,836 in federal income tax for 2004, then what was his taxable income for 2004?<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "let T = tax glen paid.<BR>\n" );
document.write( "let I = glen's taxable income<BR>\n" );
document.write( "general formula is T = $92592.5 + (.35*(I - $319100)<BR>\n" );
document.write( "this becomes<BR>\n" );
document.write( "$255836 = $92592.5 + (.35*(I - $319100)<BR>\n" );
document.write( "subtracting 92592.5 from both side of the equation and it becomes<BR>\n" );
document.write( "$163243.5 = (.35*(I - $319100)<BR>\n" );
document.write( "removing parentheses from right side of equation and it becomes<BR>\n" );
document.write( "$163243.5 = .35*I - .35*$319100<BR>\n" );
document.write( "multiplying .35*$319100 and adding it to both sides of the equation and it becomes<BR>\n" );
document.write( "$163243.5 + $111685 = .35*I<BR>\n" );
document.write( "doing the addition on the left side of the equation and dividing both sides of the equation by .35 and it becomes<BR>\n" );
document.write( "$274928.5/.35 = I<BR>\n" );
document.write( "solving for I and the equation becomes<BR>\n" );
document.write( "$785510 = I<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "answer looks like Glen's income is $785510<BR>\n" );
document.write( "to prove correct, calculate Glen's taxes.<BR>\n" );
document.write( "formula again is T = 92592.5 + (.35*(I - $319100)<BR>\n" );
document.write( "this becomes<BR>\n" );
document.write( "T = 92592.5 + (.35*($785510 - $319100)<BR>\n" );
document.write( "this becomes<BR>\n" );
document.write( "T = 92592.5 + (.35*$466410)<BR>\n" );
document.write( "this becomes<BR>\n" );
document.write( "T = 92592.5 + $163243.5<BR>\n" );
document.write( "which becomes<BR>\n" );
document.write( "T = $255836<BR>\n" );
document.write( "-----<BR>\n" );
document.write( "answer is confirmed.<BR>\n" );
document.write( "Glen's Taxable Income is $785,510.00\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );