After deducting 10% provident fund a married person draws Rs 40,500 salary per month and one month's salary as festival bonus, t

Question

1 year ago

11

he person pays Rs 14,500 annually as the premium of his/her insurance. Calculate the annual income tax paid by the person.
Need correct answer

1 answer:

olasank [31] · Answer 1 · 2023-05-30T02:11:53+03:00

The annual income tax paid by the person is: $4,500.

<h3>Annual income tax</h3>

Using this formula

Annual income tax=[Salary÷(1-percentage deduction)]- Salary

Let plug in the formula

Annual income tax=[40,500÷(1-10%)]-40,500

Annual income tax=45,000-40,500

Annual income tax=4500

Therefore the annual income tax paid by the person is: $4,500.

Learn more about annual income tax here:brainly.com/question/26316390

#SPJ1