SOLUTION: The state income tax where Alison lives is levied at the rate of k% of the first $30.000 of annual income plus(k+4)% of any amount above $30,000. This year Alison's income was $65.
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-> SOLUTION: The state income tax where Alison lives is levied at the rate of k% of the first $30.000 of annual income plus(k+4)% of any amount above $30,000. This year Alison's income was $65.
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Question 1043742: The state income tax where Alison lives is levied at the rate of k% of the first $30.000 of annual income plus(k+4)% of any amount above $30,000. This year Alison's income was $65.000 and she paid $9,850 for the income tax. What is the value of k? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The tax paid is 30,000*k+35000(k+.04)=30000K+35000K+1400=9850
65000K=8450, rearranging terms
k=8450/65000=0.13 or 13%
13% of $30000=$3900
17% of $35000=$5950
They add to $9850
