A man with an annual salary of ₦2000, has allowances of ₦600. If Income Tax is 5%, how much tax does he pay each year?
Question 1 Report
A man with an annual salary of ₦2000, has allowances of ₦600. If Income Tax is 5%, how much tax does he pay each year?
Answer Details
His annual salary = ₦2000
His allowances = ₦600
So his taxable income = Annual salary − allowance
= ₦2000 − ₦600
= ₦1400
He pays at 5%
Then, his allowance income tax 5/100 × 600 = ₦30
His allowances = ₦600
So his taxable income = Annual salary − allowance
= ₦2000 − ₦600
= ₦1400
He pays at 5%
Then, his allowance income tax 5/100 × 600 = ₦30
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