JAMB - Mathematics (2015 - No. 10)
A man with an annual salary of N2000, has allowances of N600. If Income Tax is 5%. How much income tax expenses does he pay each year?
15
50
70
25
Paaiškinimas
His annual salary = N2000
His allowances = N600
So his taxable income = Annual salary − allowance
= N2000 − N600
= N1400
He pay at 5%
Then, his allowance income tax 5/100 × 1400 = N70
His allowances = N600
So his taxable income = Annual salary − allowance
= N2000 − N600
= N1400
He pay at 5%
Then, his allowance income tax 5/100 × 1400 = N70