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A business has a gross income of $1.32 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. (a) Express the taxes paid in terms of the variable T 0.2T (b) The gross income of $1.32 million equals the amount B on which the bonus is based plus the taxes paid. Express this as an equation involving T and B. (Part (a) may be helpful.) 1.32 = B + 0.2T (c) Express the bonus paid in terms of the variable B. 0.2B (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.) 1.32 = T+ 0.2B (e) Solve the system of two equations in two unknowns from parts (b) and (d) for the variables T and B. T-1.1 B = 1.1 (f) How much is the bonus? X million $ 0.24 How much is paid in taxes? $ 0.22 v million How much profit is left over? $ 1.3 X million Need Help? Read It

A business has a gross income of $1.32 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. (a) Express the taxes paid in terms of the variable T 0.2T (b) The gross income of $1.32 million equals the amount B on which the bonus is based plus the taxes paid. Express this as an equation involving T and B. (Part (a) may be helpful.) 1.32 = B + 0.2T (c) Express the bonus paid in terms of the variable B. 0.2B (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.) 1.32 = T+ 0.2B (e) Solve the system of two equations in two unknowns from parts (b) and (d) for the variables T and B. T-1.1 B = 1.1 (f) How much is the bonus? X million $ 0.24 How much is paid in taxes? $ 0.22 v million How much profit is left over? $ 1.3 X million Need Help? Read It

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 26EQ
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A 3.5 Homework - Systems of Equa X b Mixing Feed A milling company + A https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=24661514&tags=autosave#question3905949_3 A business has a gross income of $1.32 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. (a) Express the taxes paid in terms of the variable T. 0.2T (b) The gross income of $1.32 million equals the amount B on which the bonus is based plus the taxes paid. Express this as an equation involving T and B. (Part (a) may be helpful.) 1.32 = B + 0.2T (c) Express the bonus paid in terms of the variable B. 0.2B (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.) 1.32 = T+ 0.2B (e) Solve the system of two equations in two unknowns from parts (b) and (d) for the variables T and B. T = 1.1 B = 1.1 (f) How much is the bonus? $ 0.24 X million How much is paid in taxes? $ 0.22 million How much profit is left over? $ 1.3 X million Need Help? Read It 12:12 AM 10/21/2020
Transcribed Image Text:A 3.5 Homework - Systems of Equa X b Mixing Feed A milling company + A https://www.webassign.net/web/Student/Assignment-Responses/submit?dep=24661514&tags=autosave#question3905949_3 A business has a gross income of $1.32 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. (a) Express the taxes paid in terms of the variable T. 0.2T (b) The gross income of $1.32 million equals the amount B on which the bonus is based plus the taxes paid. Express this as an equation involving T and B. (Part (a) may be helpful.) 1.32 = B + 0.2T (c) Express the bonus paid in terms of the variable B. 0.2B (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.) 1.32 = T+ 0.2B (e) Solve the system of two equations in two unknowns from parts (b) and (d) for the variables T and B. T = 1.1 B = 1.1 (f) How much is the bonus? $ 0.24 X million How much is paid in taxes? $ 0.22 million How much profit is left over? $ 1.3 X million Need Help? Read It 12:12 AM 10/21/2020
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