Bank loan, 80percent of the ten million dollars comes from taxes...I need help!!!?
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it's for social studies--- we had to come up with a proposition. our team proposed adding a gym to our school. our teacher told us the type of gym we want would cost 10,000,000 dollars. We need at least 80% of the money to come from taxes. can we have the gym built and completed before we're done paying for it? can we get 20% of the money from a bank loan? why'd we have to pick something so expensive?)= oh yeah, the most we should tax the employed parents of our school(which is about 825 ppl) is 200dollars for every 1700 they make a month
Bank loan, 80percent of the ten million dollars comes from taxes...I need help!!!?Welllll, this is actually a complicated question, and there are several ways to go about this, but here is one way that'll get you thinking.
You need to raise $8 million in taxes (80% of $10 million). Let's say you decide you want to pay off the gym within 20 years, so you divide $8,000,000 by 20 years, to get a payment of $400,000 that has to be made every year for 20 years (20 yrs x $400,000 = $8,000,000).
Now, you divide the $400,000 by the number of employed parents (825) to get an annual payment of $485 that each of those parents must make for the next 20 years in order to pay off the gym ($485 payment x 825 parents x 20yrs = approximately $8,000,000).
So, you can choose to charge each parent $485 each year for the next 20 years to pay off the gym. And, you can estimate how many of the parents makes more than $40,800, which would nearly equate to $200 for every $1,700 monthly salary. ($1,700 month x 12 months = $20,400 salary per year and $200 in tax; so 2 x $20,400 = $40,800 and $400 in tax). If every parent makes more than $40,800, you'll have a fairly good tax schedule.
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