Gross income £12000 tax free allowance £6475 what is taxable amount @20%, tax payable,net income and weekly net amount how to work out?

1 answer
Question:

gross income £12000 tax free allowance £6475 what is taxable amount @20%, tax payable,net income and weekly net amount how to work out?

Answers

We calculate for the taxable income by subtracting the tax free allowance from the gross income.          Taxable income = Gross income - tax free allowanc           Taxable income = (£12,000 - £6,475)                                    = £5,525Hence, the taxable income is equal to £5,525.Net income: This would be equal to the gross income minus the amount of taxes to be paid.                  Net income = Gross income - amount of tax to be paid                 Net income = (£12,000) - (0.20)($5,525)                 Net income = $10,895Therefore,         ANSWER: $10,895

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