can someone pls help me with this i forgot my book at school and i just can't figure this out.
Tom has a net income of $35,600 for the year.
He has tax credits of $1,732 for the year and a standard rate cut-off point of $27,400.
The standard rate of tax is 20% and the higher rate is 42%.
caculate Tom's gross income for the year.
2007-03-01 09:56:40 · 2 answers · asked by Anonymous in Education & Reference ➔ Homework Help
You have to do close multiply like 35,600 100%
x 42%
x=42% times 35,600 over100% its equal
14,952 x = 14,952 that's the answer for your problem.
2007-03-01 10:09:49 · answer #1 · answered by Justina 1 · 0⤊ 0⤋
Not sufficient info. Taxes are based on net income and tax credits are determined from net income, so we cant tell.
2007-03-01 18:07:33 · answer #2 · answered by cattbarf 7 · 0⤊ 0⤋