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aliya0001 [1]
3 years ago
9

Veronica is self employed. In one year, Veronica generates a gross income of $65,500. When calculating her taxes, Veronica is al

lowed to deduct up to $2,500 in expenses from her gross income (to give the 'operating income'), but if her expenses exceed $2,500 then any surplus must be deducted against her income after tax. In this calendar year, Veronica's total expenses were $5,500. The tax system is such that she must pay 15% tax on any operating income up to $25,000 and then 30% on any operating income over $25,000. Calculate Veronica's net profit, that is, the amount she earns after all taxes and expenses.
Mathematics
1 answer:
butalik [34]3 years ago
7 0

Answer:

$44,850

Step-by-step explanation:

Gross income is $65,500

Allowable deductions are $2,500

Operating income is $65,500-$2,500=$63,000

From the given tax structure, Veronia will pay 15% for the first $25,000 then 30% for $63,000-$25,000=$38,000

Tax will be (0.15*$25,000)+(0.3*$38,000)=$15,150

Remaining expenses will be $5,500-$2,500=$3,000

Income after tax will be $63,000-$15,150=$47,850

Net income=$47,850-$3,000=$44,850

<u>Ans=$44,850</u>

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