Pamela's salary in 2017-18 is 105,000. She has no other income for the year and she is
Question:
Pamela's salary in 2017-18 is £105,000. She has no other income for the year and she is not a Scottish taxpayer.
(a) Calculate her income tax liability for 2017-18.
(b) Re-calculate her income tax liability as it would have been if her salary for the year had been £20,000 higher.
(c) Explain how the difference between these two tax liabilities arises.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
To answer this question we need to first understand the tax bands and rates that were applicable in ...View the full answer
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Glenda has been self-employed for many years and prepares accounts to 31 March each year. Her adjusted profits (after deduction of capital allowances) are currently running at approximately 80,000...
-
The U.S. Court of Appeals for the Fourth Circuit affirmed the lower court ruling in the case Public Employees Retirement Association of Colorado; Generic Trading of Philadelphia, LLC v. Deloitte...
-
A bakery with a December 31 st year end purchased new equipment on October 31 st 2000 for $10,000. This was their first equipment purchase. Required: What are the tax consequences if the equipment is...
-
Sketch the following regions and write an iterated integral of a continuous function f over the region. Use the order dy dx. R = {(x, y): 0 x 4, x y 8x}
-
The two stereoisomeric forms of maltose just mentioned undergo mutarotation when dissolved in water. What is the structure of the key intermediate in this process?
-
Its early 2006 and General Motors Corporation has been going through some tough times lately. Its been losing a great deal of money, and its annual dividend has been cut to $1. The companys strategy...
-
The following results refer to a test on C.I. Engine: Indicated power \(=37 \mathrm{~kW}\); Frictional power \(=6 \mathrm{~kW}\); Brake specific fuel consumption \(=0.28 \mathrm{~kg} /...
-
A new coin machine printing nickels is being tested by the Mint. Ten samples, with each using 10 nickles, are weighed. Each nickle should weigh 5 g and each sample should weigh 50g. The data...
-
Explain demographic transition theory as was proposed by Warren Thompson and highlight the stages of development transition
-
Calculate the married couple's allowance available to the following couples in 2017-18, assuming that they were married before 5 December 2005 and that they have not elected for MCA to be claimed by...
-
Calculate the basic personal allowance available in 2017-18 to a taxpayer with adjusted net income of: (a) 90,000 (b) 108,000 (c) 130,000.
-
Consider two countries with fixed exchange rate regimes. In one country, government authorities exert fiscal dominance. In the other, they do not. Describe how this affects the central banks ability...
-
Discuss the implications of fintech regulation and regulatory sandboxes for promoting innovation, competition, and consumer protection in the financial services industry. How do regulatory sandboxes...
-
A 5% $10,000 Face Value, 10 year Bond was issued on January 1st of last year. The CPI over the course of last year was 4%. The bond pays interest annually. What is the interest earned in the second...
-
"IKEA in Saudi Arabia" case, parts A and B (from the the Harvard coursepack). To what degree is IKEA's brand image associated with Sweden? What harm to the brand and/or sales might you expect from...
-
Describe your experience in this class, and explain what you learned from the materials we covered. How are you going to use this information in your life? What would you recommend students taking...
-
Discretionary spending is 6,000 a year and they have a home equity loan balance of 24,700 at a fixed rate of 7.75% and pay 600 per month and have car loans total of 24,000 with car payments of 400...
-
Howski Associates is an independent insurance agency that sells business, automobile, home, and life insurance. Maya Howski, senior partner of the agency, recently attended a workshop at the local...
-
A police officer pulls you over and asks to search your vehicle because he suspects you have illegal drugs inside your car. Since he doesn't have reasonable suspicion to search your car, legally he...
-
(a) Explain what is meant by a non-current asset "held for sale" and list the criteria which must be satisfied in order for an asset to be classified as held for sale. (b) Explain why it is not...
-
Stenberg plc is preparing its financial statements for the year ended 30 November 2020. On 1 May 2020, the company purchased a factory for the manufacture of optical disks, paying 24,000,000. The...
-
IAS36 Impairment of Assets was issued in June 1998 and subsequently revised in March 2004 and January 2008. Its main objective is to prescribe the procedures that should ensure that an entity's...
-
2.1 Design and determine data storage requirements from NoSQL data store according to selected vendor technology and business requirements
-
Determine profit from the following transaction. You purchase 55 SPI200 futures contracts at 7372 and hold them to expiry when the market settles at 7322.50. In your answer you must state your...
-
28. Below is the model of a three-dimensional structure. Draw the front view of this model. Each cube is exactly inch in length, width, and height. Use a scale of 2:1. (2 marks) Back Top Front Left...
Study smarter with the SolutionInn App