Calculate Gross Income From Net
Question: Need help with an algebraic equation?
I am from Australia. I am trying to work out an equation. I want to work out how much I need to earn to clear a certain amount after tax. Our tax is calculated by:
Net Income = (Gross Income – Tax Threshold) * Tax Rate + Base Tax Paid
EG: If I earn $55000 pa, my net income would be calculated by:
Net Income: (55000 – 37000) * 0.3 + 4650
I am trying to form an equation that works this out in reverse to work out the gross income by supplying the net income.
Answer: NI = TR(GI – TT) + BTB
NI – BTB = TR(GI – TT)
(NI – BTB) / TR = GI – TT
[(NI - BTB) / TR] + TT = GI[(Net Income - Base tax Paid) / Tax Rate] + Tax Threshold = Gross Income
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Gross Income Items
Question: Does anyone know the answer to this tax problem?
Robert operates an illegal drug-running business and has the following items of income and expense. What is Robert’s adjusted gross income from this operation?
Income$500,000
Expenses:
Rent8,000
Utilities2,000
Bribes to police10,000
Medical expense5,000
Legal fees20,000
Depreciation14,000
Illegal kickbacks15,000
Cost of goods sold200,000Answer: To determine AGI deduct COGS from Net Sales which gives you the gross profit or AGI. He is allowed to deduct only the cost of goods sold; thus, his AGI is $300,000 ($500,000 – $200,000).
All the other expenses are operating and administrative business expenses. They can be used as deductions but are not used to calculate the AGI.
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Gross Income Wiki
Question: How can I calculate my total tax liability for 2008?
Using the tax brackets I found on the wiki:
10%: from $0 to $8,025
15%: from $8,026 to $32,550
25%: from $32,551 to $78,850I’m filing single for this year and I expect an income of roughly $59,000. From what I understand, this makes my Taxable Income (gross less standard deduction of $8,950) to be about $50,000. So if I use those brackets, I should owe
10% on $8,025 = $802.5 +
15% on $24,525 = $3,678.75 +
25% on $17,260 = $4,315
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$8796.25 total in taxes for this year.Are these calculations correct? I had originally claimed zero dependents and so more than necessary was taken out of my paycheck ($5,230 so far). Does this mean that for the rest of the year I will only need to pay $3566.25 in taxes? Should I adjust my number of dependents so that only this amount is taken from my remaining paychecks?
Answer: Complete Form 1040-ES for 2008. If you have your income right, you should be fine.
I would put in the link but Answers is choking on links right this minute.
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