One year, the tax on Miriam's superannuation contributions was $225.
Superannuation contributions are taxed at a flat rate of 15%. Miriam contributed 4% of her salary into the superannuation fund.
By first calculating how much she contributed into the fund and using the result, calculate Miriam's salary.
$___________
Someone explain the question and how to get the answer please :)
Superannuation contributions are taxed at a flat rate of 15%. Miriam contributed 4% of her salary into the superannuation fund.
By first calculating how much she contributed into the fund and using the result, calculate Miriam's salary.
$___________
Someone explain the question and how to get the answer please :)
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if 15% tax = $225
then total taxable salary = 225/0.15 = $ 1500
4% of her salary is into superannuation fund. that means taxable salary is 96%
96% ------------> $1500
his contribution to the fund is = (1500/0.96) * 0.04 = $62.5
therefore his total salary is = $1500+ $62.5= $ 1562.5
then total taxable salary = 225/0.15 = $ 1500
4% of her salary is into superannuation fund. that means taxable salary is 96%
96% ------------> $1500
his contribution to the fund is = (1500/0.96) * 0.04 = $62.5
therefore his total salary is = $1500+ $62.5= $ 1562.5