Problema Solution
One year a couple had a total income equal to $60,000 and their tax bill came to $14,850. If the income from their salaries was taxed at 28% and the income from their investments was taxed at 15%, how much income did they have in each category?
Answer provided by our tutors
Let
x = the income from salaries
y = the income from investments
Using the given information we can write the following system of equations:
x + y = 60000
0.28x + 0.15y = 14850
........
click here to see the system of equations solved for x and y
........
x = $45,000
y = $15,000
The couple had $45,000 income from salaries and $15,000 income from investments.