Final answer:
To find the businessman's annual income, we need to determine the tax rate applied to his income. According to the rate structure provided, the tax rate is a flat 34% for incomes between $335,000 and $10,000,000 and increases to 35% for incomes above $18,333,333. By setting up an equation, we can solve for the businessman's annual income, which is approximately $105,882.35.
Step-by-step explanation:
To find the businessman's annual income, we need to determine the tax rate applied to his income. According to the rate structure provided, the tax rate is a flat 34% for incomes between $335,000 and $10,000,000 and increases to 35% for incomes above $18,333,333. Since the businessman paid an annual income tax of $36,000, we can use this information to calculate his income.
Let's assume the businessman's annual income is x. Since the tax rate is a flat 34% for incomes between $335,000 and $10,000,000, we can set up the equation: 0.34x = $36,000. Solving for x, we divide both sides by 0.34: x = $36,000 / 0.34 = $105,882.35.
Therefore, the businessman's annual income is approximately $105,882.35.