SOLUTION: Suppose the tax rate is 10% on the first $19,050 taxable dollars you make and 12% on the taxable dollars over $19,050. If you pay a tax of $7419, what was your taxable income?
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-> SOLUTION: Suppose the tax rate is 10% on the first $19,050 taxable dollars you make and 12% on the taxable dollars over $19,050. If you pay a tax of $7419, what was your taxable income?
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Question 1121840: Suppose the tax rate is 10% on the first $19,050 taxable dollars you make and 12% on the taxable dollars over $19,050. If you pay a tax of $7419, what was your taxable income? Found 2 solutions by Boreal, josmiceli:Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The 10% of $19,050 is $1905.
The remaining tax is $7419-$1905=$5514
That was 12% of income over $19050 or $5514/0.12=$45950
The total income is the sum of the first $19050 and the remaining $45950=$65,000
