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    frangipanis's Avatar
    frangipanis Posts: 1,027, Reputation: 75
    Ultra Member
    		  
    #1

    Jun 16, 2008, 05:22 AM
    Tax calculation
    My brain is fried and I have to figure this out for work, so if you're a tax whiz, here's a quiz you might enjoy working on:

    If you have a nett (second) income of $484 and are taxed at a rate of 32c in the dollar, what would be the gross income and tax payable? :) :) :) :)
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 16, 2008, 06:33 AM
    Based on the information provided, I CANNOT determine gross income.

    Tax payable is 32 cents times 484, or $154.88.
    frangipanis's Avatar
    frangipanis Posts: 1,027, Reputation: 75
    Ultra Member
    		  
    #3

    Jun 16, 2008, 02:17 PM
    That's a relief... I thought it was just me :)

    Thanks for providing the tax payable.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Jun 17, 2008, 07:44 AM
    Glad to help.
    Cha88's Avatar
    Cha88 Posts: 1, Reputation: 1
    New Member
    		  
    #5

    Nov 21, 2011, 12:36 AM
    If you will no longer consider the other possible deductions, then, your gross income is $711.76. $484 divided by 68% = $711.76 The tax payable then is $227.76, $711.76 times 32%
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #6

    Nov 21, 2011, 06:49 AM
    Cha88:

    You DO realize that you answered a post that is OVER three years old, right?
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