Couple of math questions

[vee123]

I have a couple math questions that I am a bit rusty with. I know they are probably really easy, but bare with me, as I haven't done problems like these in a while.

Here we go:

A man makes $75,000. He must pay federal personal income tax of 10% on the first $12,000 of his income, 15% on the next $38,000, and 27% on the income up to $100,000.

My question is: do I take the 27% out of what is left after I subtract the $12,000 and $38,000 or no?

My answer was $13,650... Is that correct?

The average annual salary of person A is $62,000, while the average salary of person B is $48,000. What percent more does person A make than person B?

I did this one, but I don't think it's correct. I just really forget how to do problems like this. My answer was 12.73% or somewhere in that range.

Any help is appreciated!

 

[LeonhardEuler]

Question 1:You take 27% out of the amount the person makes above 38,000. That's 75,000-38,00. Be careful not to subtract the 12,000 from this because it has no bearing on how much the person makes aboove 38,000.

Question 2:When you talk about by what percent x is more than y, you mean what percent of y would you have to add to y to get x. So 3 is 50% more than 2 because 2 + (.5*2) = 3. In other words find the difference between x and y and see what percent of y this is. 3 - 2 = 1, 1 is 50% of 2, so 3 is 50% more than 2.

 

[mattmns]

I agree that you are right on the first one. My answer was also $13,650.

The second one, I can't remember how to do such a thing, so I will not say anything


edit... Leonhard that was how I remember this sort of problem in Economics. However, the problem states "15% on the next $38,000"

In my thinking I said that meant up to an income of $50,000.

You would have a table

0 - 12000 at 10%
12000 - 50000 at 15%
50000 - 100000 at 27%

Which would give

1200
5700
6750 (because 75000 - 50000 = 25000 and that at 27% is 6750)
_____
total of 13650

 

[vee123]

Thank you both so much!

On the 2nd problem, is the answer 29.17%?