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Income Tax

Income Tax. Arithmetic. Income Tax The table shows the tax rates in force at the present time. Rate of Tax Taxable Income Lower rate 20% £1  £2 500 Basic rate 25% £2501  £23 700 Higher rate 40% Over £23 700 .

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Income Tax

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  1. Income Tax Arithmetic

  2. Income Tax The table shows the tax rates in force at the present time. Rate of Tax Taxable Income Lower rate 20% £1  £2 500 Basic rate 25% £2501  £23 700 Higher rate 40% Over £23 700

  3. Calculate the amount of tax to be paid in each of the examples below. • 1. Gross Income = £38,450 Other tax free allowances = £5,800 • 2. Gross Income = £44,850 Other tax free allowances = £6,200 • 3. Gross Income = £50,050 Other tax free allowances = £7,800 • Gross Income = £55,000 Other tax free allowances = £6,940 • 5. Gross Income = £68,450 Other tax free allowances = £7,525 • 6. Gross Income = £72,400 Other tax free allowances = £6,750 • 7. Gross Income = £84,240 Other tax free allowances = £8,220 • 8. Gross Income = £28,650 Other tax free allowances = £7,428 • 9. Gross Income = £80,020 Other tax free allowances = £5,220 • 10. Gross Income = £18,050 Other tax free allowances = £8,860 • 11. Gross Income = £98,750 Other tax free allowances = £7,875 • 12 Gross Income = £140,000 Other tax free allowances = £3,610

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