4. John cashed a check for $630. The teller gave him three fifty-dollar
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Answer:
He paid $6,000 in taxes.
Step-by-step explanation:
His final amount after taxes is $24000. In order to obtain this number we had to tax 20% of the total (Note that 100%-20%=80%). In other words if he was taxed 20% he took home 80% of what he was paid. Therefore mathematically we have:
Since we know he was left with $24000 after taxes then:
So originally he had $30,000. So how much did he pay in taxes? We can calculate the difference of both pretax and after tax and we get:
$30,000 - $24,000= $6,000 taxed