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Tax Questions
Q1)
Income Tax is calculated as follows:
Country A
$5,000
is tax free and the rest is taxed at
25%
Country B
$0.00
is tax free and the rest is taxed at
20%
Let N be the net salary and G be the gross salary.
a)
Form an expression for the net salary for each country (answer to 2 decimal places):
Country A
N
A
=
G
+
Country B
N
B
=
G
+
b)
Find the gross salary which results in the same net salary for both countries.
c)
What is the net salary for the gross salary found in b)?
Q2)
Income Tax is calculated as follows:
Country A
$3,500
is tax free and the rest is taxed at
18%
Country B
$1,000.00
is tax free and the rest is taxed at
14%
Let N be the net salary and G be the gross salary.
a)
Form an expression for the net salary for each country (answer to 2 decimal places):
Country A
N
A
=
G
+
Country B
N
B
=
G
+
b)
Find the gross salary which results in the same net salary for both countries.
c)
What is the net salary for the gross salary found in b)?
Q3)
Income Tax is calculated as follows:
Country A
$7,200
is tax free and the rest is taxed at
22%
Country B
$1,500.00
is tax free and the rest is taxed at
20%
Let N be the net salary and G be the gross salary.
a)
Form an expression for the net salary for each country (answer to 2 decimal places):
Country A
N
A
=
G
+
Country B
N
B
=
G
+
b)
Find the gross salary which results in the same net salary for both countries.
c)
What is the net salary for the gross salary found in b)?
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