George pays 5%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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George pays 5% of his salary into the Social Security Fund. He pays no tax on this contribution. The rest was taxed a follows: Amount (GHC) First 10 Next 30 Next 30 Next 60 Next 60 Next 60 Next 60 Rate of tax Free 5% 10% 20% 30% 40% 50% If his annual salary is GH¢250.00, calculate his: a) Social Security contribution. b) taxable pay (i.e. annual salary - Social Security contribution). c) income tax (use taxable pay to calculate). d) total deductions (i.e. Social Security contribution + income tax).
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