amount times 6% = 59.00
.06 x = 59
divide 59 by .06 to get the answer.
.06 x = 59
divide 59 by .06 to get the answer.
Taxable Income = Total Tax Paid / Tax Rate
Given that the total tax paid is $59.00 and the state income tax rate is 6% (0.06 as a decimal), we can plug in these values into the formula:
Taxable Income = $59.00 / 0.06
Taxable Income = $983.33 (rounded to two decimal places)
Therefore, the amount of taxable income is approximately $983.33.
Let's assume the taxable income is represented by "x".
The state income tax rate is given as 6%, which can be written as 0.06 in decimal form.
According to the problem, someone paid $59.00 in state income tax. This can be expressed as 0.06 times the taxable income (0.06 * x).
So we set up the equation:
0.06 * x = $59.00
To isolate x, we divide both sides of the equation by 0.06:
x = $59.00 / 0.06
x = $983.33
Therefore, the amount of their taxable income is approximately $983.33.