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How much did the lady earn before taxes over the past year

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Question - This year Elizabeth's superannuation fund made zero total returns after fees. However, her superannuation account increased by $12,000 after tax due to the minimum compulsory contribution required based on her income over the past year. The minimum compulsory superannuation contribution rate is 9.5%. Superannuation is taxed at 15% flat on contributions. Assume that personal tax rates are 45% flat. How much did the lady earn before taxes over the past year?

A. $191,387.56

B. $225,161.84

C. $145,263.16

D. $126,315.79

E. $73,664.83

Reference no: EM132560132

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