My Math Forum Calculate the amount of tax he will pay.

 Elementary Math Fractions, Percentages, Word Problems, Equations, Inequations, Factorization, Expansion

 April 11th, 2019, 06:51 PM #1 Senior Member     Joined: Jan 2012 Posts: 745 Thanks: 7 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!

 Tags amount, calculate, pay, tax

 Thread Tools Display Modes Linear Mode

 Similar Threads Thread Thread Starter Forum Replies Last Post dado123 Algebra 3 March 25th, 2015 07:42 PM NMGMarques Algebra 2 March 22nd, 2014 03:12 PM Chikis Elementary Math 11 October 22nd, 2013 04:55 PM gelatine1 Algebra 10 July 15th, 2013 06:00 PM autumnsandsprings Algebra 2 May 11th, 2012 02:26 AM

 Contact - Home - Forums - Cryptocurrency Forum - Top