T. Penketh is an accountant with a salary of 2,000 per month plus bonus, which for May
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T. Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2016 was £400. He pays superannuation contributions of 5 per cent of gross pay, and these are allowed as reliefs against income tax. In addition to this, he has further reliefs of £430. The taxable pay is taxed at the rate of 20 per cent on the first £250, whilst the remainder suffers the 25 per cent tax rate. In addition he pays National Insurance of £190. Calculate his net pay for the month.
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Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9781292084664
13th Edition
Authors: Alan Sangster, Frank Wood
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