Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bilal and Sara, a married couple, have a daughter Aiza age 4. Bilal is a civil engineer employed by DubTech Ltd and Sara runs a

Bilal and Sara, a married couple, have a daughter Aiza age 4. Bilal is a civil engineer employed by DubTech Ltd and Sara runs a small business in Birmingham. Sara also owns a property let out unfurnished since April 2019.

Following information relates to the tax year 2019/20:

Sara:

Trading income (taxable) £14,500

Property income (taxable) 9,500

Dividends 2,400

Bank interest 1,000

During the tax year 2019/20, Sara received £8,000 child benefit for her daughter Aiza.

Bilal:

Salary (before deduction of PAYE tax) £57,500

PAYE tax deducted 11,000

Personal pension contribution (net) 3,200

Required:

Calculate the income tax payable by Sara and Bilal for the tax year 2019/20.

Step by Step Solution

3.37 Rating (150 Votes )

There are 3 Steps involved in it

Step: 1

Sara Income tax payable on trading income 14500 x 20 2900 Income tax payable on pro... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

12th edition

978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985

More Books

Students also viewed these Accounting questions