economics
can someone help me to calculate the average rate of income tax
You earn £15000 in a year. The first £10000 is tax free and any other income is taxed at 20%
What is the average rate of income tax you have paid?
the answer is 6.67% but how I need help
You earn £15000 in a year. The first £10000 is tax free and any other income is taxed at 20%
What is the average rate of income tax you have paid?
the answer is 6.67% but how I need help
I think you just do £15000 - £10000 to get the taxable income which is £5000. Then you do 20% of £5000 which is £1000. If you take this £1000 and divide it by £15000 which is the total income and multiply this value by 100, then you get 6.67%.
thank you so much
for some reason I don't get that though
Original post by toxicgamage56
I think you just do £15000 - £10000 to get the taxable income which is £5000. Then you do 20% of £5000 which is £1000. If you take this £1000 and divide it by £15000 which is the total income and multiply this value by 100, then you get 6.67%.
never mind I do thank you so much
Original post by angelina avalina
for some reason I don't get that though
Original post by angelina avalina
never mind I do thank you so much
No problem, it's average rate so basically just tells you how much tax is paid per £1 of income on average.
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