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anonymous

  • 5 years ago

It’s tax time. Your state income taxes are based on your gross income and the amount of federal income taxes you pay. You have a gross income of $60,000 per year. You only pay taxes on your gross income less your federal income taxes paid. You pay $5,000 federal income taxes. You then pay 0% state taxes on the first $20,000 of remaining income and 5% state taxes on your remaining income above $20,000. Put this problem into the form of an equation and solve for your state income tax.

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  1. anonymous
    • 5 years ago
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    I just need help setting up the equation

  2. anonymous
    • 5 years ago
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    60000-5000 = 55000 20000* 0 + .05(55000-20000)

  3. anonymous
    • 5 years ago
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    do you understand what to do sbenner?

  4. anonymous
    • 5 years ago
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    looking at what was stated earlier it seems easy enough

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