A man deposit ₱1,000,000 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax rate of return in his deposit.
A man deposit ₱1,000,000 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax rate of return in his deposit.
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter36: Six Debates Over Macroeconomic Policy
Section: Chapter Questions
Problem 9QR
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A man deposit ₱1,000,000 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax
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