Taxable Income Percentage

Question: Question regarding percentage & amount computation?

The company plans to donate a portion of its net income to a foundation. The donation is deductible for income tax purposes. The computation of donation is as follows:
= 10%(Net income – donation – income tax)
This means that the donation is 10% of the net income after the same and the income tax are deducted. The income tax is computed as follows:
Net income – donation = Taxable Income
Not exceeding $100,000 of taxable income, 20%; in excess of $100,000, 40%
The company accountant determined that income tax would be $33,333.
Question: What is the amount of donation? (Round your answer to the last $1.00.)

Answer: Net income after bonus was deducted—x:
20,000 + 0.4(x – 100,000) = 33,333
0.4x – 40,000 = 13,333
0.4x = 53,333
x = 133,333

Bonus:
= 10%(133,333 – 33,333)
= 0.1(100,000)
= 10,000

Answer: $10,000 is the bonus

$143,333 Net income before bonus & income tax
10,000 less bonus
————-
$133,333 Net income after bonus & before income tax
————-
$20,000 Income tax for net income not exceeding $100,000
13,333 Income tax, net income exceeding $100,000, 40% of $33,333
————
$33,333 Total income tax
————-
$100,000 Net income after bonus and income tax

10% thereof is $10,000 bonus

I hate income tax man…..