2006
Mathematics
67ca00ce0c643c71d77dee1f
Find the tax on an income of N20,000 if no tax is paid on the first N10,000 and tax is paid at N50 in N1000 on the next N5000 and at N55 in N1000 on the remainder
A.
N500
B.
N552
C.
N255
D.
N525
Correct Answer: N525
Explanation
N20,000 - N10,000 = N10,000 1st tax on N5000 at N50 per N1000 = 5*50 = N250 2nd tax on the remaining N5000 at N55 per N1000 = 5*55 = N275 Total tax paid = N250 + N275 = N525
N20,000 - N10,000 = N10,000 1st tax on N5000 at N50 per N1000 = 5*50 = N250 2nd tax on the remaining N5000 at N55 per N1000 = 5*55 = N275 Total tax paid = N250 + N275 = N525THIS WEEK's
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