The monthly income of an individual is Rs 65000.10% of his salary is deducted as provident fund, another 10% is deducted as citizen investment trust and he pays Rs 15000 annually as the premium of his insurance. How much income tax does he pay in a year?
Answers
Answered by
2
Answer:
The answer could be 63,000 dollars worth in taxes
Step-by-step explanation:
First i combined the provident fund and the investment trust to get 20%÷100=0.2×65000=13000
Than i subtracted 15000 from 65000 to get 50000 which i added to 13000 to get63000in tax
Answered by
10
Answer:
58250
Step-by-step explanation:
monthly salary = 65000- 20% of 65000
=65000-13000
= 52000
Annual income = 12× 52000
= 624000
now 15000 he pays as premium
therefore his annual income = 624000- 15000
= 609000
now income tax he pays= 1% of 350000 +15% of (450000-350000) + 25% (609000-450000)
= 3500+ 15000+ 39750
= 58250.
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