A person has to pay 20% tax on the first rs 4500 earned , for amount earned between rs 4500 and rs 7500 earned the tax is 25% and for the amount earned more than rs 7500 , the tax is 30% . if he paid 23.33% of his income as tax, then what is his income?
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8
The man is earning more than 7500
The first 4500: Tax = 20/100 = 900
The next 3000: Tax = 25/100 x 3000 = 750
The next x: Tax = 30/100 x = 0.3x
Total tax = 900 + 750 + 0.3x = 1650 + 0.3x
This should give us 23.33% of the total earning
so,
(1650 + 0.3x) / (7500 + x) x 100 = 23.33
(1650 + 0.3x) / (7500 + x) = 0.2333
(1650 + 0.3x) = (7500 + x) 0.2333
1650 + 0.3x = 1749.75 + 0.2333x
0.3x - 0.2333x = 1749.75 - 1650
0.0667x = 99.75
x = 1495.50
So, the man is earning 1495.50 + 7500 = Rs. 8995.50
The first 4500: Tax = 20/100 = 900
The next 3000: Tax = 25/100 x 3000 = 750
The next x: Tax = 30/100 x = 0.3x
Total tax = 900 + 750 + 0.3x = 1650 + 0.3x
This should give us 23.33% of the total earning
so,
(1650 + 0.3x) / (7500 + x) x 100 = 23.33
(1650 + 0.3x) / (7500 + x) = 0.2333
(1650 + 0.3x) = (7500 + x) 0.2333
1650 + 0.3x = 1749.75 + 0.2333x
0.3x - 0.2333x = 1749.75 - 1650
0.0667x = 99.75
x = 1495.50
So, the man is earning 1495.50 + 7500 = Rs. 8995.50
Answered by
4
Answer:
Step-by-step explanation:
The man is earning more than 7500
The first 4500: Tax = 20/100 = 900
The next 3000: Tax = 25/100 x 3000 = 750
The next x: Tax = 30/100 x = 0.3x
Total tax = 900 + 750 + 0.3x = 1650 + 0.3x
This should give us 23.33% of the total earning
so,
(1650 + 0.3x) / (7500 + x) x 100 = 23.33
(1650 + 0.3x) / (7500 + x) = 0.2333
(1650 + 0.3x) = (7500 + x) 0.2333
1650 + 0.3x = 1749.75 + 0.2333x
0.3x - 0.2333x = 1749.75 - 1650
0.0667x = 99.75
x = 1495.50
So, the man is earning 1495.50 + 7500 = Rs. 8995.50
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