Question
A man has a wife and 6 children and his total income in 1995 was GH400,000.00 was allowed the following free of tax. Personal GH30,000.00
A man has a wife and 6 children and his total income in 1995 was GH400,000.00 was allowed the following free of tax. Personal GH30,000.00 Wife GH2,000.00 Each child GH2,000.00 for a maximum of 3. Dependent relatives GH6,000.00 Insurance GH7,000.00 The rest were taxed as follows: The first GH20,000.00 at GH5,000 per 1000.00 Next GH25,000.00 at GH3,000 per 1000.00 Next GH4,500.00 at GH400.00 per 1000.00 Next GH75,000.00 at GH200.00 per 1000.00 Next GH7,000.00 at GH500.00 per 1000.00 Remainder GH700.00 per 1000.00 Calculate a) His tax free income b) His taxable income c) His monthly income tax d) His net monthly pay
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