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This year, you owed $6,414.95 in federal income tax. If you are taxed at a net rate of 17%, what was your taxable income for this year?

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AStudentJustLikeYou
The answer is $37,735.00.
 Hope I could help. Have a good day ^.^
PGAMUKAMA

Answer:

$37,735

Explanation:

The net tax rate of 17% amounts to $6,414.95.

The taxable income for the year will be represented by 100% which is computed below:

17%   =   $6,414.95

1%      = $6,414.95/ 17%

100% =  ($6,414.95/ 17%) X 100%

         = $37,735

Therefore, the taxable income for the year is $37,735.

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