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Math Help - problem

  1. #1
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    Joined
    Nov 2007
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    problem

    Inheritance tax is paid at a rate of 40 percent for all amounts over 275 000.

    Give a forumla which will calculate the tax due T, on an amount of money, M
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  2. #2
    MHF Contributor
    Joined
    Apr 2005
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    T = 40% of (M -275,000)
    T = (0.40)(M -275,000) ------------answer.

    So if your inheritance is only 100,000,
    T = (0.40)(100,000 -275,000) = -70,000
    then the Government will pay you 70,000.


    How come the tax for inheritance less than 275,000 is not mentioned?
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  3. #3
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    Nov 2007
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    Thank you very much i now understand . I do not know why it is not given for under 275,000 it is just the question i was given to do.

    Thanks
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