The monthly income of a man is Rs 53000.He deposits 20% of his yearly income in civil investment fund and 10% in charity .if 1 % social security tax should be paid on First Rs 300000and 15% tax is imposed yearly ,how much tax should he pay?
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Answers
Step-by-step explanation:
Given ,
Monthly income of a Man is ₹53000
Total salary earned in an year = 53000 × 12
= 636000
20% in civil investment fund.
So, 636000 × 20 ÷ 100 = 127200.
10% in charity.
So, 636000 × 10 ÷ 100
= 63600.
1% is social security tax on first 300000 = 3000.
300000 × 15 ÷ 100 = 45000.
Total tax he should pay = Amount remained is 390840
Answer: Rs 24780.
Step-by-step explanation:
Monthly income = 53000
Yearly income = Rs 53000 * 12 = Rs 636000
Now,
Yearly civil investment fund = 20% of Rs 636000 = Rs 127200
Yearly charity = 10% of Rs 636000 = Rs 63600
Taxable income = Rs 636000 - Rs127200 - Rs63600
= Rs 636000 - Rs 190800
= Rs 445200
Again,
Tax amount = 1% of 300000 + 15% of Rs 145200
= Rs 3000 + Rs 21780
= Rs 24780