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primary 6 | Maths
| Percentage
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Date Posted: 3 years ago
Views: 625
Hi,
The question is unclear.
John's annual income is $64 700.
His tax relief is $20 250.
Hence his taxable income is $44 450.
You did not state his tax rate.
For example, his tax rate could be 5% for the first $40 000 and 3% for the subsequent $40 000.
In this case, for the first $40 000, he will be paying 5% tax which is $2 000.
For the remaining $4 450, he will be paying 3% tax which is $133.50.
Total tax payable is $2 133.50
Check with your teacher what is John tax rate.
The question is unclear.
John's annual income is $64 700.
His tax relief is $20 250.
Hence his taxable income is $44 450.
You did not state his tax rate.
For example, his tax rate could be 5% for the first $40 000 and 3% for the subsequent $40 000.
In this case, for the first $40 000, he will be paying 5% tax which is $2 000.
For the remaining $4 450, he will be paying 3% tax which is $133.50.
Total tax payable is $2 133.50
Check with your teacher what is John tax rate.
I forgot to add the reference sheet
It is alright. Just follow the example you should be able to calculate his tax.
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