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Topic Content:
- Income Tax and PAYE (Pay as You Earn)
Income Tax: is the part of a person’s income above a minimum value that is paid to the Government. The government uses taxes to pay for public services such as healthcare, education, transport, defence, etc.
PAYE (Pay As You Earn): This is a method of paying tax where employers deduct income tax from their employee’s pay.
The
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Let’s say for example,his taxable income is #655 000, how what will be the tax? Thank you in anticipation of your response.
10% of #200,000 + 15% of #200,000 + 20% of #200,000 + 25% of #55000
= #20,000 + #30,000 + #40,000 + #13750
= #103,750
Thanks for this
pls i do not understand could someone help me with income tax and paye
Wow amazing.
Wow ,so interesting