Question

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?

Answer 1

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

Answer 2

$37,735

Step-by-step 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.