SOLUTION: A taxplayer is allowed 1/10 th of his income as taxfree and pays 15% on the remainder. If he pays $450.00 tax, what is his income?
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Question 767104: A taxplayer is allowed 1/10 th of his income as taxfree and pays 15% on the remainder. If he pays $450.00 tax, what is his income? Answer by ramkikk66(644) (Show Source):
You can put this solution on YOUR website! A taxplayer is allowed 1/10 th of his income as taxfree and pays 15% on the remainder. If he pays $450.00 tax, what is his income?
Ans:
Let total income be x.
1/10 of income is tax-free. So only 9/10 or 0.9*x is taxable.
On this income he pays tax of 15%.
So tax as a portion of income = 0.9* x *15/100 = 0.135*x
This amount is given to be $450
0.135*x = 450
x = 450/0.135 = $3333.33
Total income = dollars.
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