How do you solve this question?
A company has taxable income $758,000. The federal tax is 35% of that portion left after the state tax has been paid. The state tax is 15% of that portion after federal tax has been paid. Find the federal and state taxes?
Simply consider that the man has to pay x amount as FT and y amount as ST.
By the Situtation
x={35/100}{758000-y}
y={15/100}{758000-x}