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The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?
- a)Rs 80,000
- b)Rs 82,000
- c)Rs 90,000
- d)None of these
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
The inhabitants of Hawaii Island are taxed in a peculiar manner. They ...
Tax = Fixed + Variable
Since Mr Kalyan pays Rs 6200 and Mrs Kalyan pays Rs 7700, so it can be inferred that for Rs 10,000 (Difference between their salaries), one has to pay Rs 1500 as the variable tax. So, Fixed component of tax = Rs 5200. The point worth to be noted here is the fact that tax is to be paid over an above Rs 50,000. So, the variable tax percentage above Rs 50,000 = 10%. Now the answer can be calculated using options.
Most Upvoted Answer
The inhabitants of Hawaii Island are taxed in a peculiar manner. They ...
Given information:
- The inhabitants of Hawaii Island pay a fixed sum of tax irrespective of their income strata.
- They also pay an amount proportional to the excess of their salary over Rs 50,000.
To find: Yearly salary of Mr Ajay who pays an annual tax of Rs 8,200.
Approach:
Let's first find out the fixed sum of tax and the proportional tax rate.
For Mr Kalyan:
- Total tax paid = Rs 6,200
- Annual salary = Rs 60,000
- Excess salary over Rs 50,000 = Rs 10,000
- Proportional tax rate = Total tax paid / Excess salary over Rs 50,000 = 6200 / 10000 = 0.62
- Fixed sum of tax = Total tax paid - (Proportional tax rate * Excess salary over Rs 50,000) = 6200 - (0.62 * 10000) = Rs 5600
For Mrs Kalyan:
- Total tax paid = Rs 7,700
- Annual salary = Rs 75,000
- Excess salary over Rs 50,000 = Rs 25,000
- Proportional tax rate = Total tax paid / Excess salary over Rs 50,000 = 7700 / 25000 = 0.308
- Fixed sum of tax = Total tax paid - (Proportional tax rate * Excess salary over Rs 50,000) = 7700 - (0.308 * 25000) = Rs 1,925
Now, let's use the fixed sum of tax and proportional tax rate to find the yearly salary of Mr Ajay.
For Mr Ajay:
- Annual tax paid = Rs 8,200
- Fixed sum of tax = Rs 5,600
- Proportional tax rate = 0.62
- Excess salary over Rs 50,000 = (Annual tax paid - Fixed sum of tax) / Proportional tax rate = (8200 - 5600) / 0.62 = Rs 4,193.55
- Yearly salary = Excess salary over Rs 50,000 + Rs 50,000 = 4193.55 + 50000 = Rs 80,193.55
Therefore, the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200 is Rs 80,000 (approximate to the nearest thousand). Hence, option (A) is the correct answer.
- The inhabitants of Hawaii Island pay a fixed sum of tax irrespective of their income strata.
- They also pay an amount proportional to the excess of their salary over Rs 50,000.
To find: Yearly salary of Mr Ajay who pays an annual tax of Rs 8,200.
Approach:
Let's first find out the fixed sum of tax and the proportional tax rate.
For Mr Kalyan:
- Total tax paid = Rs 6,200
- Annual salary = Rs 60,000
- Excess salary over Rs 50,000 = Rs 10,000
- Proportional tax rate = Total tax paid / Excess salary over Rs 50,000 = 6200 / 10000 = 0.62
- Fixed sum of tax = Total tax paid - (Proportional tax rate * Excess salary over Rs 50,000) = 6200 - (0.62 * 10000) = Rs 5600
For Mrs Kalyan:
- Total tax paid = Rs 7,700
- Annual salary = Rs 75,000
- Excess salary over Rs 50,000 = Rs 25,000
- Proportional tax rate = Total tax paid / Excess salary over Rs 50,000 = 7700 / 25000 = 0.308
- Fixed sum of tax = Total tax paid - (Proportional tax rate * Excess salary over Rs 50,000) = 7700 - (0.308 * 25000) = Rs 1,925
Now, let's use the fixed sum of tax and proportional tax rate to find the yearly salary of Mr Ajay.
For Mr Ajay:
- Annual tax paid = Rs 8,200
- Fixed sum of tax = Rs 5,600
- Proportional tax rate = 0.62
- Excess salary over Rs 50,000 = (Annual tax paid - Fixed sum of tax) / Proportional tax rate = (8200 - 5600) / 0.62 = Rs 4,193.55
- Yearly salary = Excess salary over Rs 50,000 + Rs 50,000 = 4193.55 + 50000 = Rs 80,193.55
Therefore, the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200 is Rs 80,000 (approximate to the nearest thousand). Hence, option (A) is the correct answer.
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The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer?
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The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer?.
The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The inhabitants of Hawaii Island are taxed in a peculiar manner. They have to pay a fixed sum irrespective of their income strata. In addition to this they have to pay an amount which is proportional to the excess of their salary over Rs 50,000. Mr Kalyan pays a total tax of Rs 6,200 when his annual salary is Rs 6,0000 and his wife Mrs. Kalyan pays a total tax of Rs 7,700 when her annual salary is Rs 75,000. What is the yearly salary of Mr Ajay who pays an annual tax of Rs 8,200?a)Rs 80,000b)Rs 82,000c)Rs 90,000d)None of theseCorrect answer is option 'A'. Can you explain this answer?.
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