Mr. and Mrs. Hoovers work enough hours to earn $65,000 annual income. This year they pay...
Mr. and Mrs. Hoovers work enough hours to earn $65,000 annual income. This year they pay 30% in state and federal income tax.
If tax rates increase so that their annual tax rate increases to 35%, how much pre-tax income would they need to make so that they have the same after-tax income that they had before?
|
$67,500 |
||
|
$73,500 |
||
|
$70,000 |
||
|
$83,000 |
Homework Answers
after tax income at 30%=65000*(1-30%)=45500
how much pre-tax income would they need to make so that they have the same after-tax income that they had before
=45500/(1-35%)
=70000
the above is answer..
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