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alexoc

gross pay is 21000,tax credit is 2369, he pays income tax rate 22% what is take home pay.....how do i calculate this think i have it figured out just under pressure studying for 2morrow

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Desire.

Multiply the gross pay by the tax %, then take away tax credits from your answer and you'll get total tax payable. Take that figure away from gross pay and you have your answer.

You're doing ordinary level, yeah?

TheRedDevil10

23251 - take home pay

Slow Show

alexoc wrote: »

gross pay is 21000,tax credit is 2369, he pays income tax rate 22% what is take home pay.....how do i calculate this think i have it figured out just under pressure studying for 2morrow

21000X.22=Gross tax

4620=Gross tax
-2369=tax credits
______________
2251 = net tax

21000+2251=23252 = net income (take home pay)

mikeyod123

alexoc wrote: »

gross pay is 21000,tax credit is 2369, he pays income tax rate 22% what is take home pay.....how do i calculate this think i have it figured out just under pressure studying for 2morrow

i think there shud be another tax rate but u

get 22% of 21000= 4620
4620-tax credits
4620-2369=2251
gross pay-tax
21000-2251= 18749

mikeyod123

Slow Show wrote: »

2251 = net tax

21000+2251=23252 = net income (take home pay)

shud u not take away net tax?

hearny

The amount of Income Tax would be

Salary - ((Salary x (Tax Rate / 100)) - Tax Credit)

so in your example

21,000 - ((21,000 x (22 / 100)) - 2,369)

21,000 - ((21,000 x (.22)) - 2,369)

21,000 - ((4,620) - 2,369)

21,000 - (2,251)

18,749

Good Luck Tomorrow

Desire.

Hehe, four different people, four different answers. :pac:

Though two are practically the same...

sooty1

18749 is correct answer - you DEDUCT tax from gross pay not add.

Slow Show

Got confused with interest....>.>