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(®) 8 Tara is saving for an overseas trip. Her taxable income is usually about . She estimates that she
will need for the trip, so she is going to do some extra work to raise the money. How much extra
will Tara need to earn in order to save the extra after tax?

Ask by Marsh Fleming. in Australia
Feb 11,2025

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Answer

Tara needs to earn approximately $5,883 in extra income to have $5,000 after taxes.

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Beyond the Answer

To figure out how much Tara needs to earn to save the extra $5000 after tax, we first need to consider her tax rate. Typically, tax rates vary based on income brackets. Assuming Tara falls under a basic tax rate of around 20% (just as an example), she will need to earn more than $5000 to account for the taxes deducted.
If she’s taxed at 20%, the equation is:
Extra earnings needed = Desired savings / (1 - Tax rate) = $5000 / (1 - 0.20) = $5000 / 0.80 = $6250.
So, Tara needs to earn approximately $6250 before tax to save $5000 after tax.
Now she’s got her extra work cut out! It might be a good time for Tara to look for side gigs like freelancing, tutoring, or maybe even selling some craft products online!

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