Question
A man's annual income is N3000, if the first N500 is tax free and on the remaining amount tax is paid at the rate of 5 kobo per naira, find the total tax paid by the man.
Show workings bit by bit
Show workings bit by bit
Answers
Taxable income = N3000 - N500 = N2500
Tax rate = 5 kobo per naira
Total tax paid = Taxable income x Tax rate
Total tax paid = N2500 x 0.05
Total tax paid = N125
Tax rate = 5 kobo per naira
Total tax paid = Taxable income x Tax rate
Total tax paid = N2500 x 0.05
Total tax paid = N125
Related Questions
If 2 and half percent interest per annum is paid on fixed deposit, what will N500 000 amount to in 4...
Find the total amount to be paid back that is loan plus interest on these loans 2009 RAV4 3 weeks an...
A man's annual income is 3000 naira,if the first 500 naira is tax free and on the remaining amount t...
Find the total amount be paid back on these loans 500 naira for 2 weeks at 100 naira...