T Penketh is an accountant with a salary of 2,000 per month plus bonus, which for May
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T Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 20X6 was £400. He pays superannuation contributions of 5% of gross pay, and these are allowed as reliefs against income tax. In addition to this he has further reliefs (free pay) of £430. The taxable pay is taxed at the rate of 20% on the first £250, whilst the remainder suffers the 25% tax rate. In addition he pays National Insurance of £190. Calculate his net pay for the month.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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