+0

# HELP

0
227
3

Can anyone help?

Jan 28, 2019

#1
+140
+1

Last year Carys earned £4 600 before tax.As given the tax rate in the question

As the Carys earned £45 600 before tax is lies in the category of the earnings in excess of £43 000 and up to £150 000 taxed at a rate of 40%.

thus 40% tax rate is paid by the Carys.40% is written in the decimal form

.= 0.40Tax Carys paid = 0.40 × 45600

= £18240 Therefore the tax paid by the Carys be £18240.

Jan 28, 2019
#2
0

COuld you also help with this one?

Guest Jan 28, 2019
#3
+140
+1

Given that Megan's tax rates were as follows:
No tax one the first £11000 of earnings Earnings in excess of £11000 and up to £43000 taxed at a rate of 20%

Earning in excess of 43000 and up to £150000 taxed at a rate of 40%

Earnings over £150000 taxed at a rate of 45% If Megan earned £158900 before tax last year,

the amount of tax she paid in total is given as follows:

First £11000 = £0 tax

Balance after first £11000 = £158900 - £11000 = £147900Next (£43000 - £11000 = £32000) = 20% of £32000 = 0.2 x £32000 = £6400 tax

Balance after next £32000 = £147900 - £32000 = £115000Next (£150000 - £43000 = £107000) = 40% of £107000 = 0.4 x £107000 = £42800 tax

Balance after next £107000 = £115000 - £107000 = £8000Remaiming £8000 = 45% of £8000 = 0.45 x £8000 = £3600 tax

Total tax = £6400 + £42800 + £3600 = £52800Therefore, she paid a total of £52800 in tax last year.

Mclovin123  Jan 28, 2019