Question

i) The income tax imposed on first $30000 is $800 and on the next $10000 income is 6%. If the
chargeable income is $39200 then income tax payable is-
i) $1,452 ii) $1,352 iii) $1,252 iv) $1,152
​

Answer 1

Answer:

ii) 1352

Step-by-step explanation:

We know the first $30,000 will be taxed $800.

We know the next $10,000 will be taxed 6%.

Our taxable income is $39,200.

So, we deduct the first $30,000 from our taxable income as we know it will be taxed $800 already.

39,200-30,000 = 9,200

Next, we find 6% of the remaining portion.

6/100*9200 = 552

Now, we add $800 + $552 = $1352

srm section green for da win