Question

An employee at a homemade wooden toy store earned $860 over the past week. The employee needs to pay 14% for Federal Income Tax and 3% for State Income Tax, both on the initial amount he earned. How much will the employee earn after paying both taxes?

Answer 1

Answer:

received an income of $860.

FIT = 14% of $860 = $120.40

SIT = 3% of $860 = $ 25.80

Income = $860

-

Total Taxes to be paid = 120.40 + 25.80 = $146.2

=

Income after tax deduction = 860 - 146.2 =$713.80

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Answer 2

Solution :-

→ Initial amount he earned = $ 860 .

now,

→ Federal income tax paid = 14% of $ 860 = (14 * 860)/100 = $ 120.4

and,

→ State income tax paid = 3% of $ 860 = (3 * 860)/100 = $ 25.8

So,

→ Total tax paid = $ 120.4 + $ 25.8 = $ 146.2

then,

→ Total amount earned = Initial amount he earned - Total tax paid = 860 - 146.2 = $ 713.80 (Ans.)

Shortcut :-

Since both tax are paid on initial amount .

→ Total tax paid = 14% + 3% = 17% of initial amount .

then,

→ Total amount earned = 100% - 17% = 83% of initial amount = (83 * 860)/100 = $ 713.80 (Ans.)

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