QuestionNECOGeneral Maths2024ObjectiveCommercial arithmeticCommercial arithmetic
A man with an annual salary of ₦1,300,000.00 is to pay an income tax of 22%. Calculate his tax, if his allowances amount to ₦137,000.00.
Worked solution (try it first)
Allowances are not taxed, so the taxable income is
1300000−137000= ₦1,163,000.
The tax is
22% of that:
0.22×1163000=255860.
So his tax is ₦255,860.00, option B.
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