Bill's take-home salary is $40,000. He pays $2,000 in property taxes, $3,000 in sales taxes, and 10% of his gross salary in income taxes. What is Bill's gross salary? Give me reasons, before answering the question
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First, figure out how much Bill has before he pays property taxes: $40,000 + $2,000 = $42,000. Then, figure out how much Bill has before he pays sales taxes: $42,000 + $3,000 = $45,000. Next, figure out what percent of his salary Bill keeps after income tax: 100% - 10% = 90%. Now we know that .9g = $45,000, where g is Bill's gross salary. Now we can divide both sides of the equation by .9 to find that g = $50,000. So the final answer is 50000.
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