Harder TAX!!! Please help!!!

Forums Junior Cert Maths Harder TAX!!! Please help!!!

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    • #15718

      Tom has a NET income of ˆ35,600 for the year.He has tax credits of ˆ1732 for the year and a standard rate cut-off point of ˆ27 400.

      The standard rate of tax is 20% and the higher rate is 42%.

      Calculate Tom's GROSS income for the year.

    • #1164

      :Tom has a NET income of ˆ35,600 for the year.He has tax credits of ˆ1732 for the year and a standard rate cut-off point of ˆ27 400.

      The standard rate of tax is 20% and the higher rate is 42%.

      Calculate Tom's GROSS income for the year.

    • #15719

      35600 (net income)

      27400 – (standard rate cut off point) @ 20% =5480



      8200 (higher rate of tax) @42%=3444

      5480

      3444+



      8924 (total tax)

      8924 (total tax)

      1732- (tax credit)



      7192 (tax payable)

      35600 (net income)

      7192- ((take away the tax))



      28408 (gross income)

      Good luck in the J.C!! I Have a good maths teacher i hope i do ok..!

      I hope that sum is right!! Let me know if its not the right answer! /

    • #15720

      Tanks so much ya I'm pretty sure its right !!!! / / /

    • #15721

      O ya an good Luck too !!!!! / /

    • #15722

      You need to add the tax to get the GROSS income

      35600 (net income)

      7192+ ((take away the tax))



      42792 (gross income)

    • #15723
      Anonymous

      the right answer is ˆ28408

    • #15724
      Anonymous

      You do ADD the tax, and kanye_south is right with the answer ˆ42,792.

      It would be considered a slip and would probably lose only one mark.

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