total monthly expenses are $5500. pay 12% of income to taxes minimum salary the Mejias must earn?

Question

math

Answer 1

Let R = minimum monthly revenue.

Taxes paid = 12% of R = .12R

Amount left = R - ,12R = 1R - .12R = 1.00R - .12R = (1.00 - .12)R = .88R

So Amount needed = $5500

Let 5500 = .88R

Divide both sides by .88

R = 5500/.88

[Note that dividing by a fraction less tha 1 gives you a result *larger* than your origial dividend, which makes sense here.]

R = $6250 minimum pre-tax income.