Elise gets a tax free allowance of $6000 and pays tax at 25% on the next $20000. She pays tax at a rate of 30% on the rest. If she earns $72000 per year, how much tax must she pay.
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iii) Excess of rent paid annually over 10% of annual salary ... i) Actual HRA received = Rs 84,000 ... must not be owned by the person claiming the tax
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Answer:
Step-by-step explanation:
It may be in the form of a reduction such as income tax, which is subtracted ... which is added to the cost of most things bought or stamp duty, paid when you buy a house. ...
The rest of your salary above your allowance is called taxable income. ... We can calculate the amount of tax he has to pay and how much his income
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