Chief Olu earns 560000 Naira per annum he has a tax allowance of 20% of this amount 5000 Naira. If tax is paid at 10kobo in the naria on the rest how much tax does he pay?
I don't know it
Not aware of relationship between units, kobo and naria.
To find out how much tax Chief Olu pays, we need to calculate his taxable income first.
Taxable income = Total income - Tax allowance
Given that Chief Olu's total income is 560,000 Naira and his tax allowance is 5,000 Naira:
Taxable income = 560,000 Naira - 5,000 Naira = 555,000 Naira
Now, we can calculate the tax he pays on the taxable income.
Tax = Taxable income * Tax rate
Given that the tax rate is 10 kobo (0.10 Naira) per Naira:
Tax = 555,000 Naira * 0.10 Naira = 55,500 Naira
Therefore, Chief Olu pays a tax of 55,500 Naira.