document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1206192>Question 1206192</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tara is saving for an overseas trip. Her taxable income is usually about $20000 . She estimates that <BR>\n" );
document.write( "she will need $5000 for the trip, so she is going to do some extra work to raise the money. How <BR>\n" );
document.write( "much extra will she need to earn in order to have $5000 after tax?<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #843459 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=843459\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> this depends on what the tax rate is.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the federal tax rate for someone with taxable income of 20,000 is equal to \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "hee's a federal tax rate schedule for 2023.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<a  rel=nofollow HREF= \"https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets#:~:text=There%20are%20seven%20federal%20income%20tax%20rates%20and%20brackets%20in,you'll%20owe%20that%20year.\" target = \"_blank\">https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets#:~:text=There%20are%20seven%20federal%20income%20tax%20rates%20and%20brackets%20in,you'll%20owe%20that%20year.</a>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "i think it works this way.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "assuming she is single, and makes 20,000 a year, then her tax rate is 10% for the first 11000 and then 12% for any amount over 11000 up to 44725.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the additional 5000 she needs is in the 12% tax bracket, since she is making more than 11000 and less than or equal to 44725.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "to determine how much she needs to earn before taxes so that she can clear 5000 after taxes, use the following formula.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "5000 = x - .12 * x, what x is the taxable income required.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "you will get 5000 = .88 * x<BR>\n" );
document.write( "solve for x to get x = 5000 / .88 =  5681.82.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "she would need to earn 5681.82 before taxes so that she can clear 5000 after taxes.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "tax on 5681.82 = .12 * that = 681.82.<BR>\n" );
document.write( "subtract that from 5681.82 and she has 5000 after taxes have been paid.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "this analysis only involves federal taxes.<BR>\n" );
document.write( "there are also state taxes and local taxes that have to be paid, if any.<BR>\n" );
document.write( "a complete analysis would need to take all of these into account.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "once you know the total of all tax rates that have to be paid on the additional income, then the same formula applies.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "let me know if you have any questions.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "theo </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );