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April 20th, 2019, 12:29 PM  #1 
Senior Member Joined: Jan 2012 Posts: 741 Thanks: 7  What is his taxable income and his tax free allowances?
If the rates of tax consists of 10% on the first N 20 000 taxable income, 15% on the next N 20 000, 20% on the next N 20 000, and 25% on the next N 20 000; a man earns a salary of N 124 600 a year and pays an income tax of N 12 760. What is his taxable income and his tax free allowances? My problem is what do I do to get the taxable income? If I can get the taxable income, I can get the tax free allowances. 
April 20th, 2019, 02:11 PM  #2  
Math Team Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 14,412 Thanks: 1024  Quote:
Code: tax total tax 124600 20000 .10 2000 2000  104600 20000 .15 3000 5000  84600 20000 .20 4000 9000  64600 15040 .25 3760 12760  49560 = tax free  
April 26th, 2019, 03:34 AM  #3  
Senior Member Joined: Jan 2012 Posts: 741 Thanks: 7  Quote:
From what you have done so far, I can say the taxable income is  

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