Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tim Reichel is single, lives in the UK and earns 6 0 , 0 0 0 in tax year 2 0 2 2 - 2

Tim Reichel is single, lives in the UK and earns 60,000 in tax year 2022-23. He also received bonus of 13,000 in 3 vear, conveyance/mileage/transportation allowance 2,000(tax free). His net income from property is 10,000. He also receives dividend of 3,000 and interest income 3,000. His tax deducted at source (PAYE) is 5,000. Keeping in view above set of information, please calculate his amount of tax paid for year 2022-2023.
\table[[Band,Tax Income,Tax Rate,Dividend Income Rate],[Personal_Allowance,Un to 12.570,0%,First 2.000 Eree of Tax],[Basic Rate,12,571 to 50,270,20%,7.50%
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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_2

Step: 3

blur-text-image_3

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

International Financial Accounting And Reporting

Authors: Ciaran Connolly

6th Edition

1912350025, 978-1912350025

More Books

Students also viewed these Accounting questions

Question

What should be communicated in an operational audit report?

Answered: 1 week ago

Question

=+2. What do they like better about its competition?

Answered: 1 week ago

Question

=+a. What kind of personality does the brand have?

Answered: 1 week ago