selva earns $43000 per annum. she has personal allowances of $4400 she also pays pension contributions through her employer at a rate of 5% of her basic salary. calculate 

i) gross pay

ii) total allowances

iii) taxable income

iii) tax liability

iv) net annual pay

v) monthly pay and monthly tax


taxable income tax rate
0-$36000 20%
$36000 and above 40%


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1 Answer

(i) Basic salary = $43000 (gross pay).

5% of salary = $2150 (pension contribution).

(ii) Allowance = $4400 assuming pension contribution is not a tax allowance.

(iii) Personal Allowance deducted from salary leaves $38600 (taxable income).

20% tax on $36000=$7200.

40% tax on 38600-36000=$2600: $1040

(iv) Total tax due=7200+1040=$8240. (Wrongly numbered (iii))

Total deductions from pay=$2150 (pension) + $8240 (tax) = $10390.

(v) Net salary = 43000-10390=$32610. (Wrongly numbered (iv))

(vi) Monthly salary = $2717.50; monthly tax = $686.67. (Wrongly numbered (v))
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