Question

If tax is charged at 22% on the first £55,000 and 35% on all
income in excess of £55,000, how much tax is charged on an
income of £80,000?
20580
20850
20590
20950​

Answer 1

Answer:

2 is answer give me point

Answer 2

The tax is charged on an income of £ 80,000 is £ 20,850

Given :

Tax is charged at 22% on the first £55,000 and 35% on all income in excess of £55,000

To find :

The tax is charged on an income of £ 80,000 is

20580

20850

20590

20950

Solution :

Step 1 of 3 :

Calculate tax for first £ 55,000

Here it is given that tax is charged at 22% on the first £55,000

So tax for first £ 55,000

= £ 55,000 × 22/100

= £ 12,100

Step 2 of 3 :

Calculate tax for income in excess of £55,000

Total income = £ 80,000

So income in excess of £ 55,000

= £ 80,000 - £ 55,000

= £ 25,000

It is given that 35% on all income in excess of £55,000

Thus tax for income in excess of £55,000

= Tax for £ 25,000

= £ 25,000 × 35/100

= £ 8,750

Step 3 of 3 :

Calculate total tax is charged on the income of £ 80,000

The total tax is charged on the income of £ 80,000

= £ 12,100 + £ 8,750

= £ 20,850

Hence the correct option is 20850

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