Ama pays 5% of her salary into a Social Security fund. She pays no tax onthis contribution. The rest was Amount (GH¢)Rate of tax (%)First 10,000.00FreeNext 30,000.00Next 30,000.0010Next 60,000.0020Next 60,000.0030Next 60,000.0040Next 60,000.0050If her annual salary is GH¢ 250,000.00, calculate; her social securitycontribution, and her income tax.

Annual Salary = GH¢ 250,000 Social Security Contribution= 5% =(250,000/100*5)= GH¢ 12,500

Answered: Amount (GHC) Rate of tax (%) First…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Amount (GHC) Rate of tax (%) First 10,000.00 Free Next 30,000.00 Next 30,000.00 10 Next 60,000.00 20 Next 60,000.00 30 Next 60,000.00 40 Next 60,000.00 50 If her annual salary is GH¢ 250,000.00, calculate; her social security contribution, and her income tax.