Answer: down below...
Step-by-step explanation:
Exercise 1:
Income = $83.465
Tax paid at 5.05% means, whatever your income is, you gotta pay 5.05% of it as a tax.
5.05% = [tex]\frac{5.05}{100}[/tex]
[tex]\frac{5.05}{100}*$83.465[/tex]
[tex]0.0505*$83.465[/tex]
If you do the calculations it should give you a $4,214.9825 tax
"Income tax paid at 9.15%"
[tex]\frac{9.15}{100}*83.465[/tex]
[tex]0.0915*83.465[/tex]
The 9.15% tax = $7,637.0475
"Total income tax paid"
This will just be the sum of the two taxes.
$4,214.9825+$7,637.0475 = $11,852.03 (sum of taxes)
Exercise 2:
Purchase price = $347.000
Selling price = $863.000
As you can see, they purchased the property for $347.000 and sold it for $863.000 which made them a lot of money in profit :)
That's what the Difference is.
Difference = $863.000-$347.000
Difference = $516,000
I don't really understand what capital gains are, because I'm 13, but I suppose I gotta calculate 50% of the profit that the banker has made.
[tex]\frac{50}{100}*$516.000[/tex]
[tex]\frac{5}{1}*$51.600[/tex]
[tex]5*$51.600[/tex]
"Capital gains" = $258,000
I don't really know if this is the correct answer for capital gains, but I am pretty sure I did well on the other ones.
Hope I helped you :] !
