Okay math wizards, I'm stuck on this problem. I got $5,631 for a) but I really dont know how to do the others; also if u get a different answer than me, could you please explain...if you can help it would be much appreciated. thanks!
New York state income tax is based on taxable income, which is part of a person's total income. The tax owed to the state is calculated using the taxable income (not total income). In 2005, for a single person with a taxable incomebetween $20000 and $100000, the tax owed was $973 plus 6.85% of the taxable incoe over %20000.
a) Compute the tax owed by a lawyer whose taxable income is $68000.
b) Consider a lawyer whose taxable income is 80% of her total income, $x, where x is between %85000 and $120000. Write a formula for T(x), the taxable income.
c) Write a formula for L(x), the amount of tax owed by the lawyer in part b.
d) Use L(x) to evaluate the tax liability for x=85000 and compare your results to part a.
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