calculate the income tax payable by zafar whose monthly income is Rs.24000.
What is his income tax rate?
their is no written income tax rate.
Then we can't find the amount of taxes owed.
10800
To calculate the income tax payable by Zafar, we first need to determine which income tax bracket Zafar falls into. The income tax bracket will dictate the applicable tax rate.
Here is a simplified example of income tax brackets in some countries:
- Income below a certain threshold: 0% tax rate
- Income between a certain threshold and the next threshold: 10% tax rate
- Income between the next threshold and the next threshold: 20% tax rate
- Income above the highest threshold: 30% tax rate
Please note that the actual tax brackets and rates may vary depending on the country and its tax regulations. It is crucial to refer to the specific tax laws of the country in question.
In this case, let's make some assumptions using the simplified example:
- Income below Rs.10,000: 0% tax rate
- Income between Rs.10,000 and Rs.20,000: 10% tax rate
- Income above Rs.20,000: 20% tax rate
Since Zafar's monthly income is Rs.24,000, we can break down the income into the corresponding tax brackets:
- Income in the 0% tax bracket: Rs.10,000
- Income in the 10% tax bracket: Rs.10,000 (Rs.20,000 - Rs.10,000)
- Income in the 20% tax bracket: Rs.4,000 (Rs.24,000 - Rs.20,000)
Now, let's calculate the tax payable using the appropriate tax rates:
- Tax payable on income in the 0% tax bracket: 0
- Tax payable on income in the 10% tax bracket: Rs.1,000 (10% of Rs.10,000)
- Tax payable on income in the 20% tax bracket: Rs.800 (20% of Rs.4,000)
Finally, let's sum up the tax payable in each tax bracket:
Tax payable = Rs.0 (0% tax bracket) + Rs.1,000 (10% tax bracket) + Rs.800 (20% tax bracket) = Rs.1,800
Therefore, Zafar's income tax payable would be Rs.1,800 based on these assumptions.
It is important to note that this example uses simplified tax brackets and rates. In reality, different countries have their own tax systems and structures. It is always advisable to refer to the specific tax laws of the country in question to accurately calculate the income tax payable.