A Büsiness has a gross income of $1.14 million. It has promised to pay the CEO a bonus of 20% of net income, which is income after taxes. But the bonus is not subject to taxes becausethe bonus is an operating expense. The total tax owed is 20% of gross income less the bonus. Our goal is to find the company profit after the bonus and taxes are paid. Let B be the amounton which the bonus is based, and let T be the amount on which taxes are calculated, both in millions of dollars.(a) Express the taxes paid in terms of the variable T..2T(b) The gross income of $1.14 million equals the amount B on which the bonus is based plus the taxes paid. Express this as an equation involving T and 8. (Part (a) may be helpful.)1.14 = B+ .2T(c) Express the bonus paid in terms of the variable B..2B(d) The gross income also equals the amount T on which taxes are based plus the bonus paid. Express this as an equation involving T and B. (Part (c) may be helpful.)1.14 = T+ .2B(e) Solve the system of two equations in two unknowns from parts (b) and (d) for the variables T and B.T = 114B =(f) How much is the bonus?%24millionHow much is paid in taxes?24million T= 1.14B 3=(f) How much is the bonus?millionHow much is paid in taxes?%$4millionHow much profit is left over?millionNeed Help?Read It

Name: A Büsiness has a gross income of $1.14 million. It has promised to pa
Uploaded: 2024-03-20T07:07:26.000Z
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Description: A Büsiness has a gross income of $1.14 million. It has promised to pay the CEO a bonus of 20% of net income, which is income after taxes. But the bonus is not subject to taxes becausethe bonus is an operating expense. The total tax owed is 20% of gr

For part e: The objective here is to find the value of T, and B by solving the equation in b and d.…

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A business has a gross income of $1.14 million. It has promised to pay the CEO a bonus of 20% of net income, which is income after taxes. But the bonus is not subject to taxes because the bonus is an operating expense. The total tax owed is 20% of gross income less the bonus. Our goal is to find the company profit after the bonus and taxes are paid. Let B be the amount on which the bonus is based, and let T be the amount on which taxes are calculated, both in millions of dollars.