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Carys is checking her tax bill for the last year.
The tax rates were as follows:
No tax of the first £11 000 of earnings.
Earnings in excess of £11 000 and up to £43 000 taxed at a rate of 20%.
Earnings in excess of £43 000 and up to £150 000 taxed at a rate of 40%.
Earnings over £150 000 taxed at a rate of 45%.
Last year Carys earned £45 600 before tax.
How much tax did she pay in total?
Show your working.

I am having a lot of trouble finding the answer to this. I looked it up on this website hoping I could find how to solve it but unfortunately that didn't happen. Can anyone help ?!!! Anxious to know!!!!!

Respuesta :

HaiAriHere

Answer:

£7,440

Step-by-step explanation:

We have been given the tax rates as follows:

$0-$11,000 = No tax.

$11,000-$43,000 = 20%.

$43,000-$150,000 = 40%.

Earnings over $150,000 = 45%.

Since last year Carys earned $45,600, so we will have to find the tax paid by her for 11,000-43,000 at rate of 20%, then the tax for amount over 43,000 at the rate of 40%

Therefore, Carys paid an amount of $7,440 in tax.

fichoh

The total amount paid in tax from Cary's last year earning is £9640

Total earning last year = 45600

Tax on earnings :

  • First 11,000 = 0%

  • 11,000 to 43,000 = 20%

  • Excess beyond 43,000 -150,000 = 40%

Therefore, tax paid on 45,600 :

  • Tax percentage × amount earned

  • First 43,000 earned = (20% × 43,000) = 8600

  • Excess above 43,000 = (45600 - 43000) = 2600

  • 20% × 2600 = 1040

Therefore, the total tax amount = £(8600 + 1040) = £9640

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