BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$1, 102.50
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1, 102.50%
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$11, 025
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$110.02
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Detailed explanation-1: -Your gross income minus all available deductions is your taxable income. Compare that amount to your tax bracket to estimate the amount you’ll owe before applying any available tax credits.
Detailed explanation-2: -Write the formula =B2-B3-B4 inside the formula bar and press the Enter key. Step 4: Taxable income is now extracted from gross income, which is 2, 19, 000. “Taxable income is on which we apply the tax.” “Tax is 5% on income below 2, 50, 000.” As the taxable value is between 1.5 to 2.5 lakhs so that 5% will apply to income.
Detailed explanation-3: -What Is the Difference Between Federal and State Income Taxes? Federal income taxes are collected by the federal government, while state income taxes are collected by the individual state(s) where a taxpayer lives and earns income.
Detailed explanation-4: -If you make ₹ 50, 000 a year living in India, you will be taxed ₹ 6, 000. That means that your net pay will be ₹ 44, 000 per year, or ₹ 3, 667 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%.