Mathematical Question

[imported_LoKe]

How much money would one have to win in order to get exactly $1,000,000 after the 15% tax? What would the formula be?

Just something I was thinking.

 

[Heisenberg]

x-0.15*x=1,000,000

 

[ferrarif174]

$1,150,000

 

[BlueWeasel]

Originally posted by: ferrarif174
$1,150,000

Nope, try again.

 

[drinkmorejava]

Originally posted by: ferrarif174
$1,150,000

wrong, percentages don't work backwards like that

 

[ferrarif174]

no clue really

 

[TuxDave]

$1M/0.85

 

[ijester]

(1,000,000 / (100 - (x%))) * 100

 

[JS80]

Originally posted by: TuxDave
$1M/0.85

winnar

 

[ijester]

Originally posted by: JS80

Originally posted by: TuxDave
$1M/0.85

winnar

yessireebob

 

[linkgoron]

1176470.5882352941176470588235294~?

 

[drinkmorejava]

Originally posted by: JS80

Originally posted by: TuxDave
$1M/0.85

winnar

Except Heisenberg was right first

 

[JDrake]

1176470.588

 

[imported_LoKe]

Originally posted by: TuxDave
$1M/0.85

Ah! Thanks.

 

[ActuaryTm]

Originally posted by: ijester
All that does is give you 85% of a million. He wants to know what you would need to start with to end up with a million.

Your logic (or lack thereof) just killed 10 kittens.

In the future, please think of the kittens.

 

[dullard]

Bigger question: where would that person need to live to get just a 15% tax on one million dollars of income?

 

[imported_LoKe]

Originally posted by: dullard
Bigger question: where would that person need to live to get just a 15% tax on one million dollars of income?

I was thinking winnings, but I had my numbers wrong. Canada doesn't pay tax on winnings, and the us only pays what, 7%?

 

[JS80]

Originally posted by: LoKe

Originally posted by: dullard
Bigger question: where would that person need to live to get just a 15% tax on one million dollars of income?

I was thinking winnings, but I had my numbers wrong. Canada doesn't pay tax on winnings, and the us only pays what, 7%?

winnings from what? all short term "winnings" pays ordinary income

EDIT: you're in canada...i have no clue

 

[dullard]

Originally posted by: LoKe
I was thinking winnings, but I had my numbers wrong. Canada doesn't pay tax on winnings, and the us only pays what, 7%?

In the US, almost all forms of money that you receive are considered income (there are a few exceptions such as dividends for some stupid reason, but that is a subject another thread). Thus winnings are income, and are taxed at the income tax rate. That would be 35% in the US for federal taxes and then add your state income taxes if your state collects them.

I don't know Canada's tax laws, which is why I asked the question where you'd have to live to get that low of a rate.

 

[ActuaryTm]

Originally posted by: JS80
EDIT: you're in canada...i have no clue

Quite all right.

Neither does he.

 

[Henrythewound]

what? No 42? I see that answer in any remotelymath based thread? Where is it from anyways?

 

[ActuaryTm]

Originally posted by: Henrythewound
what? No 42? I see that answer in any remotelymath based thread? Where is it from anyways?

For those living under a rock.

 

[JDrake]

hitchhikers guide to the galaxy

 

[Henrythewound]

couldnt sit through the movie and never read the books. Maybe its time for a 2nd chance

 

[JS80]

Originally posted by: dullard

Originally posted by: LoKe
I was thinking winnings, but I had my numbers wrong. Canada doesn't pay tax on winnings, and the us only pays what, 7%?

In the US, almost all forms of money that you receive are considered income (there are a few exceptions such as dividends for some stupid reason, but that is a subject another thread). Thus winnings are income, and are taxed at the income tax rate. That would be 35% in the US for federal taxes and then add your state income taxes if your state collects them.

I don't know Canada's tax laws, which is why I asked the question where you'd have to live to get that low of a rate.

So company of the shares you own makes money, pays corporate income tax at 35%, and then they pay a dividend to the shareholder and you pay income tax on something that's already been taxed. Does that make sense to you? If you live in California, that would make it a 60% tax from earned to in your pocket. (0.65*0.65 assuming you're at 25% federal)