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April 11th, 2019, 06:51 PM   #1
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Calculate the amount of tax he will pay.

A man's income is N 180 000 per anum. He is allowed a tax-free income in the following: personal allowance N 72 000, child allowance N 4 500 for each child under 18 years for a maximum of 4 children, dependent relatives allowance to a maximum of N 18 000. Calculate the amount of tax the man will pay if has 5 children under 18 years and the taxable income is 10% for the first N 20 000, 15 % for over N 20 000 and up to N 40 000, 20% for over 40 000 and up to N 60 000, and 25% for over N 60 000. Here is my work:
Man's income = N 180 000
Personal allowance =N 72 000
Child allowance
(4 children maximum) = N 4 x N 4 500 = N 18 000
Dependent relatives allowances = N 18 000

Total tax free allowances:
N 72 000 + N 18 000 + N 18 000 = N 108 000
Taxable income N 180 000 - N 108 000
= N 72 000
To calculate the tax on the taxable income:
N 72 000 = N 20 000 + N 40 000 + N 12 000
Tax rate on the first N 20 000 is 10% = N 20 000
Tax rate over N 20 000 up to N 40 000 is 15% = N 6000

My problem now is what do I do with the remaining N 12 0000 since it is less than N 40 000 and not even over N 65 000?
Somebody help me please!
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