Percentages and ratio · Ages 13–14
Salaries tax worksheet
Part of: Percentages (II)
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Salaries tax worksheet
Percentages and ratio · Ages 13–14
Numsprite
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Name:Date:Score:／48
Write each answer in the space. For word problems, show your working and write a sentence answer.
Part A: Working out and filling in (2 marks each)
1.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. On a net chargeable income of $82,000, salaries tax = $
Answer:
2.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. On a net chargeable income of $132,000: the first $50,000 pays $, the next $50,000 pays $, the remaining $32,000 pays $, $ in all.
Fill in each blank
Answer:
3.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. A year's income of $292,000, $17,000 of deductible pension contributions and a $132,000 allowance: salaries tax = $
Answer:
4.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. A year's income of $413,000, $6,000 of deductible pension contributions and a $132,000 allowance: salaries tax = $
Answer:
5.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Net chargeable income $464,000. Everything at 17% makes $; the four lower bands charge $ less, so the tax = $.
Fill in each blank
Answer:
6.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Income $680,000, allowance $264,000, nothing else deducted. The salaries tax is % of the income (to 1 decimal place)
Answer:
7.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Income $320,000, allowance $264,000, nothing else deducted. The salaries tax is % of the income (to 1 decimal place)
Answer:
Part B: Choose, or true or false (2 marks each)
8.A year's income is $540,000, with $18,000 of deductible pension contributions and a $264,000 allowance. What is the net chargeable income?
- A. $522,000
- B. $540,000
- C. $258,000
- D. $276,000
Choose the right answer
Answer:
9.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. On a net chargeable income of $198,000, the salaries tax is $33,660.
True or false?
Answer:
10.A year's income is $432,000, with $12,000 of deductible pension contributions and a $132,000 allowance. What is the net chargeable income?
- A. $420,000
- B. $432,000
- C. $288,000
- D. $300,000
Choose the right answer
Answer:
11.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. There is also a standard rate of 15% on the income less deductions (no allowances), and the lower of the two is charged. Income $470,000, deductible contributions $6,000, allowance $264,000. What tax is charged?
- A. $16,000
- B. $30,000
- C. $60,880
- D. $69,600
Choose the right answer
Answer:
12.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. There is also a standard rate of 15% on the income less deductions (no allowances), and the lower of the two is charged. Income $1,200,000, deductible contributions $6,000, allowance $132,000. What tax is charged?
- A. $179,100
- B. $184,980
- C. $162,540
- D. $159,300
Choose the right answer
Answer:
Part C: Word problems (4 marks each)
13.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Income $266,000, deductible contributions $14,000, allowance $120,000. Find the salaries tax: put the steps in order.
- A. Net chargeable income = 266000 − 14000 − 120000 = 132000
- B. The rest: 32000 × 10% = 3200
- C. The first two bands: 50000 × 2% + 50000 × 6% = 4000
- D. Tax = 4000 + 3200 = 7200
Write the letters in the right order
Working:
Answer:
14.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. There is also a standard rate of 15% on the income less deductions (no allowances), and the lower of the two is charged. Someone has $2,420,000 of income, $12,000 of deductible contributions and a $264,000 allowance. What salaries tax is charged?
Working:
Answer:
15.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Someone earns $36,000 a month and is paid 12 months' pay a year, with $16,000 of deductible contributions and a basic allowance of $132,000. What is the salaries tax?
Working:
Answer:
16.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Net chargeable income rises from $170,000 to $190,000, and the salaries tax rises by $3,400.
True or false?
Working:
Answer:
17.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Ming's sister earns $437,000 a year; her pension contributions of $16,000 are deductible and her basic allowance is $132,000. Net chargeable income = $, salaries tax = $.
Fill in each blank
Working:
Answer:
18.Net chargeable income is taxed at 2% on the first $50,000, 6% on the next $50,000, 10% on the next $50,000, 14% on the next $50,000 and 17% on the rest. Someone's net chargeable income rises from $91,000 to $121,000. By how much does the salaries tax rise?
- A. $600
- B. $2,640
- C. $1,800
- D. $5,100
Choose the right answer
Working:
Answer:
Show the answers and working
Salaries tax worksheet: Answers and working
Part A: Working out and filling in
1. 2,920
The first 50000 × 2% = 1000, the next (82000 − 50000) × 6% = 1920, 2920 in all.
2. 1,000, 3,000, 3,200, 7,200
50000 × 2% = 1000, 50000 × 6% = 3000, 32000 × 10% = 3200, so 1000 + 3000 + 3200 = 7200.
3. 8,300
Net chargeable income = 292000 − 17000 − 132000 = 143000; taxed band by band, 8300.
4. 28,750
Net chargeable income = 413000 − 6000 − 132000 = 275000; taxed band by band, 28750.
5. 78,880, 18,000, 60,880
464000 × 17% = 78880; the first four bands of 50000 charge 50000 × (15% + 11% + 7% + 3%) = 18000 less; 78880 − 18000 = 60880. Band by band gives 60880 too.
6. 7.8
Net chargeable income 680000 − 264000 = 416000, tax 52720; 52720 ÷ 680000 × 100% is about 7.8%.
7. 0.4
Net chargeable income 320000 − 264000 = 56000, tax 1360; 1360 ÷ 320000 × 100% is about 0.4%.
Part B: Choose, or true or false
8. C. $258,000
540000 − 18000 − 264000 = 258000.
9. False
Band by band it is 15720. 198000 × 17% = 33660 charges every band at the top rate: too much.
10. C. $288,000
432000 − 12000 − 132000 = 288000.
11. A. $16,000
Progressive: (470000 − 6000 − 264000) band by band, 16000; standard: (470000 − 6000) × 15% = 69600; the lower is 16000.
12. C. $162,540
Progressive: (1200000 − 6000 − 132000) band by band, 162540; standard: (1200000 − 6000) × 15% = 179100; the lower is 162540.
Part C: Word problems
Marking: 2 for the working, 1 for the answer, 1 for the sentence.
13. A → C → B → D
Take off the deductions and the allowance, tax band by band from the lowest, then add.
14. 346,480 dollars
Progressive: (2420000 − 12000 − 264000) band by band, 346480; standard: (2420000 − 12000) × 15% = 361200; the lower, 346480.
15. 30,280 dollars
The year's income is 12 × 36000 = 432000; net chargeable income 432000 − 16000 − 132000 = 284000; band by band, 30280.
16. False
The extra 20000 is taxed in the bands it falls in: the taxes on 190000 and 170000 differ by 2800. All at 17% would be 3400.
17. 289,000, 31,130
437000 − 16000 − 132000 = 289000, then band by band: 31130.
18. B. $2,640
Work out the tax on 121000 and on 91000 band by band, then subtract: 2640.
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