A government collects $70 billion quarterly in tax revenue. Each year it allocates $15 billion to the justice system and $29 billion for the administrative costs. What percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending

Question

Business

Kendall Hendrix

14 April, 03:22

A government collects $70 billion quarterly in tax revenue. Each year it allocates $15 billion to the justice system and $29 billion for the administrative costs. What percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending

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Answers (1)

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Monserrat Richmond · Answer 1

84.29%

Explanation:

Quarterly tax revenue collected = $70 billion

Thus,

annual tax revenue collected = $70 billion * 4

= $280 billion

Total amount allocated = $15 billion + $29 billion

= $44 billion

Therefore,

Percentage of annual tax revenue allocated

= [ $44 billion : $280 billion ] * 100%

= 15.71%

Hence,

Percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending

= 100% - 15.71%

= 84.29%