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NameUnavail t1_jdvj7lw wrote

You know that

T = 4.5% × H

Where T is the Tax and H the total inheritance.

To figure out the total inheritance you simply divide the Tax by the Percentage, so

H = T/4.5%

In your case the inheritance would have been 622 and a bit grand

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pdperson t1_jdvjmjw wrote

Just to add a bit that helps me understand what I'm doing with problems like this - the words for what's happening. $28k is 4.5% of what? which then becomes the equation 28k=.045*x

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fiatfighter t1_jdvk1vc wrote

The words for what’s happening is exactly how I think about it. Good addition.

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fiatfighter t1_jdvjkuv wrote

4.5% x Inheritance=$28,000. This can then be arranged to read Inheritance=$28,000/4.5% Inheritance equals $622,222.22. Don’t forget that 4.5% mathematically is represented as .045.

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explainlikeimfive-ModTeam t1_jdvk24x wrote

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[deleted] t1_jdvjhet wrote

[deleted]

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fiatfighter t1_jdvjvpq wrote

This is incorrect.

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pdperson t1_jdvk5kl wrote

Another good math tip is to check your work using common sense. Dude surely did not pay $28k on a $26794 inheritance.

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fiatfighter t1_jdvkg64 wrote

This is why teachers teach approximation. My wife is a 5th grade teacher and reminds her students to ask themselves “does my answer make sense?” Can I really pay more than I actually inherited???!!!

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Redingold t1_jdvk4rf wrote

That's not the right method to use here. The 28 grand the person paid is just the tax, just the 4.5%, not the tax plus inheritance. The inheritance is the amount they're getting, not the amount they're paying.

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