2 answers:
Answer:
£930
Step-by-step explanation:
Put the numbers in the formula and do the arithmetic. The annual earnings are expected to be 12 times the monthly earnings.
T = 0.2(12×£1375 -11850) = 0.2(£16500 -11850) = 0.2(£4650)
T = £930
The caterer will pay £930 in income tax for the year.
Answer:
£930
Step-by-step explanation:
Monthly income = £1375
y = Yearly income = 12 × 1375 = £16 500
p = Personal allowance = 11 850
y - p = Taxable income = <u>£ 4 650
</u>
T = 0.2(y - p) = 0.2 × £4650 = £ 930
The income tax for the year will be £930.
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