Question
Seb's salary is $X per year. The tax system is such that Seb pays a 15% flat rate of income tax on his salary.
Seb's salary is $X per year. The tax system is such that Seb pays a 15% flat rate of income tax on his salary. The tax system is due for reform, and politicians have suggested the following: 1. Any income under $12,000 should be tax free. 2. Anything above $12,000 should be taxed at 25%. Given that Seb will be paying $1,500 more under the new system, calculate X. You can assume that X > $12,000. Round your answer to the nearest dollar.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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