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Studentka2010 [4]
3 years ago
8

gross income £12000 tax free allowance £6475 what is taxable amount @20%, tax payable,net income and weekly net amount how to wo

rk out?
Mathematics
1 answer:
olganol [36]3 years ago
5 0
We calculate for the taxable income by subtracting the tax free allowance from the gross income.

          Taxable income = Gross income - tax free allowanc
           Taxable income = (£12,000 - <span>£6,475)
                                    = </span><span>£5,525

Hence, the taxable income is equal to </span><span>£5,525.

Net income: 
This would be equal to the gross income minus the amount of taxes to be paid.
 
                 Net income = Gross income - amount of tax to be paid
                 Net income = (</span><span>£12,000) - (0.20)($5,525)
                 Net income = $10,895

Therefore,
         ANSWER: <em>$10,895</em></span>
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