Answer :
Ratio and Proportion Method
Since both are at the same rate, then ratio and proportion can be applied here
If $40000 = $860
Then $55000 =55000x(860/40000)
=$1182.50
Therefore the taxes which would be on $55000 is $1182.50
Since both are at the same rate, then ratio and proportion can be applied here
If $40000 = $860
Then $55000 =55000x(860/40000)
=$1182.50
Therefore the taxes which would be on $55000 is $1182.50