Last 3 questions idk how to do,someone please help thanks!!
1)Carti earns $37000 per year.He gets a tax free allowance of $8000 and pays 25% tax on the rest.How much tax will he pay a year?
3)Nipsey gets a tax free allowance of $6000 and pays tax at 25% on the next $20000.He pays tax at a rate of 30% on the rest.If he earns $72000 per year,how much tax must she pay?
8)Jesse earns $650 per week and works 48 weeks a year.If he gets a tax free allowance of $8000, pays tax at a rate of 10% on the next $10000 and 20% on the rest,how much tax will he pay in a year?
1. So he pays tax on 37,000 - 8000 = 29,000
Then 29,000 x 0.25 = ?
2. 72,000-6,000 = 66,000 taxable
20,000 x 0.25 = ? tax paid on 20,000.
66,000-20,000 = 46,000 at 30% = ?
3 is similar.
Total tax paid = amount @ 0.25 + amount @ 0.30 = ?
1) To calculate the tax that Carti will pay, we need to first subtract his tax-free allowance from his annual earnings. In this case, his tax-free allowance is $8000, so the taxable income will be $37000 - $8000 = $29000.
Next, we need to find the tax amount on the taxable income. Carti pays 25% tax on the remaining income. So, the tax he will pay is 25% of $29000, which can be calculated as (25/100) * $29000 = $7250.
Therefore, Carti will pay $7250 in taxes each year.
3) Similar to the previous question, we start by subtracting Nipsey's tax-free allowance from his annual earnings. Nipsey earns $72000 per year and has a tax-free allowance of $6000, so the taxable income will be $72000 - $6000 = $66000.
Next, we need to calculate the tax on the first $20000 of the taxable income. Nipsey pays a 25% tax on this portion, so the tax on this amount will be (25/100) * $20000 = $5000.
For the remaining income, which is $66000 - $20000 = $46000, Nipsey pays a 30% tax. Thus, the tax on this amount is (30/100) * $46000 = $13800.
To find the total tax Nipsey must pay, we add the taxes from both portions: $5000 + $13800 = $18800.
Therefore, Nipsey will pay $18800 in taxes each year.
8) For Jesse's case, we start by multiplying his weekly earnings by the number of weeks he works to find his annual earnings. Jesse earns $650 per week and works for 48 weeks, so his annual earnings will be $650 * 48 = $31200.
Next, we subtract Jesse's tax-free allowance from his annual earnings. Jesse has a tax-free allowance of $8000, so the taxable income will be $31200 - $8000 = $23200.
Now, we need to calculate the tax on the first $10000 of taxable income. Jesse pays a 10% tax on this portion, so the tax on this amount will be (10/100) * $10000 = $1000.
For the remaining income, which is $23200 - $10000 = $13200, Jesse pays a 20% tax. Thus, the tax on this amount is (20/100) * $13200 = $2640.
To find the total tax Jesse must pay, we add the taxes from both portions: $1000 + $2640 = $3640.
Therefore, Jesse will pay $3640 in taxes each year.