2015
Mathematics
JAMB
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?
A.
15
B.
50
C.
70
D.
25
Correct Answer: 70
Explanation
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 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 = N70THIS WEEK's
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