c calculate the tax payable for a chargeable income of $42000 according to the picture of the rates given in the table. I WANT PERFECT

Questions

October 2023 1 3 Report

c calculate the tax payable for a chargeable income of $42000 according to the picture of the rates given in the table.
I WANT PERFECT EXPLANATION TO MARK YOU BRAINLIEST!!!!

Answers & Comments

AttitudeLab

The First $20k is non-taxable.

So,

Current tax = 0

Left amount = 42000 - 20000 = 22000

Next $10k is taxed with 2% (200)

So,

Current total tax = 0 + 200 = $200

Left amount = 22000 - 10000 = 12000

Next $30k has to be taxed with $200

So,

Current total tax = $200 + $200 = $400

Total taxed amount slabs is less than the rates amount, but that is okay because no interest rate is given at the 3rd instance.

Questions

Answers & Comments

Add an Answer

Helpful Links

Helpful Social