I have been attempting to help my best friend's daughter with her business math homework. We are stumped on a couple of problems. We have finished the entire page of problems on page 397 of Business Mathematics in Christian Perspective and have lost ourselves completely on the last question #5.
Conway Corp. paid $6,990 in Corporate income tax. They paid $7,200 in FICA tax, $16, 730 in property tax, and $2,900 in unemployment compensation. (A) Find their taxable income. (B) Find the total paid in taxes.
All previous questions they gave us the taxable income and we found the tax based on the tax rate in the sample tax table in the book. How do we go about figuring this out going backwards?
Question #2
Also, I know there is a simple formula out there for finding a percentage, but for the life of me I can't remember the formula to help her out. I can figure out the answer by keying it in my excel file, but I need to give her the formula so she can do her homework correctly. Here is the sample question. Marcia paid $420 in city income taxes, to the nearest whole percent, her income taxes were what percent of her taxable income?
Conway Corp. paid $6,990 in Corporate income tax. They paid $7,200 in FICA tax, $16, 730 in property tax, and $2,900 in unemployment compensation. (A) Find their taxable income. (B) Find the total paid in taxes.
All previous questions they gave us the taxable income and we found the tax based on the tax rate in the sample tax table in the book. How do we go about figuring this out going backwards?
Question #2
Also, I know there is a simple formula out there for finding a percentage, but for the life of me I can't remember the formula to help her out. I can figure out the answer by keying it in my excel file, but I need to give her the formula so she can do her homework correctly. Here is the sample question. Marcia paid $420 in city income taxes, to the nearest whole percent, her income taxes were what percent of her taxable income?