Calculate the income taxes that a person has to pay considering the table below-
(a) If a person’s income is $6,000, how much does he/she pay in taxes? 05
(b) If a person’s income is $14,000, how much does he/she pay in taxes? 05
Taxable Income Taxes
Up to $5,000 12% of taxable income
$5,001–$10,000 14% of taxable income
$10,001–$15,000 16% of taxable income
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t is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961
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