Question

If Duane's income tax bill was $1000, what was his taxable income?

Answer 1

Without more information, it is not possible to determine Duane's taxable income.

Answer 2

To determine Duane's taxable income, we need to know his tax rate. Let's assume that his tax rate is a flat 20%.

We can use the formula:

taxable income = tax bill / tax rate

Plugging in the values given, we get:

taxable income = $1000 / 0.20

taxable income = $5000

Therefore, Duane's taxable income was $5000.