If someone paid $59.00 on their taxable income with a state income tax rate of 6%, determine the amount of their taxable income.
The total income amount is about 983 because 59 is 6% of 983.
amount times 6% = 59.00
.06 x = 59
divide 59 by .06 to get the answer.
To determine the amount of taxable income, we can use the formula:
Taxable Income = Total Tax Paid / Tax Rate
Given that the total tax paid is $59.00 and the state income tax rate is 6% (0.06 as a decimal), we can plug in these values into the formula:
Taxable Income = $59.00 / 0.06
Taxable Income = $983.33 (rounded to two decimal places)
Therefore, the amount of taxable income is approximately $983.33.
To determine the amount of taxable income, we can set up an equation using the given information.
Let's assume the taxable income is represented by "x".
The state income tax rate is given as 6%, which can be written as 0.06 in decimal form.
According to the problem, someone paid $59.00 in state income tax. This can be expressed as 0.06 times the taxable income (0.06 * x).
So we set up the equation:
0.06 * x = $59.00
To isolate x, we divide both sides of the equation by 0.06:
x = $59.00 / 0.06
x = $983.33
Therefore, the amount of their taxable income is approximately $983.33.