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According to the Internal Revenue Service (IRS), a single taxpayer with a tacable income between $63,550 and $132.600 in 2000 paid $14,382 plus 31% of the amount over $63.550. If Azim paid $23,665 in federal
income tax for 2000, then what was his total taxable income for the year?

Sagot :

sqdancefan

Answer:

  $93,495

Step-by-step explanation:

The tax amount is described as ...

  t(x) = 14,382 +0.31(x -63550)

This can be simplified a bit to ...

  t(x) = 0.31x -5318.50

Using 23,665 for the amount paid, we find the income to be ...

  23665 = 0.31x -5318.50

  28983.50 = 0.31x . . . . . . . . add 5318.50

  93495.16 = x . . . . . . . . . . . divide by 0.31

Azim's total taxable income for the year was about $93,495.

_____

Typically, all amounts on an IRS tax form can be rounded to the nearest dollar. This holds both for the income and for the tax.

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