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Word Problem6 (Income Tax)

Problem 6: The annual income of a person is Rs 420000. calculate income tax when tax rate is 5%.

a) 20000                       b)20001                        c) 20003                         d) 220000

Solution:

We are given following information;

Annual income = Rs 420000

Tax rate = 5%

So,

Tax = 5% of annual income

i-e

\[ Tax = \frac{5}{100} \times 420000 \]

\[ = 5 \times 4200 = 21000 \]

So , he will pay a tax of Rs 21000

 

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