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Megan is checking her tax bill for the last year.

The tax rates were as follows:

• No tax on the first £11 000 of earnings

• Earnings in excess of £11 000 and up to £43 000 taxed at a rate of 20%

• Earnings in excess of £43 000 and up to £150 000 taxed at a rate of 40%

• Earnings over £150 000 taxed at a rate of 45%

Last year, Megan earned £158 900 before tax.

How much tax did she pay in total?

Respuesta :

Answer:

£53205

Step-by-step explanation:

The computation is shown below:

£11,000  = $0

In excess of  £11,000  and up to  £43,000 the tax rate is 20%

So the tax amount is

=  (£43,000 -  £11,000) × 20%

=  £6,400

In excess of   £43,000 and up to  £150,000 the tax rate is 40%

So the tax amount is

= (£150,000 - £43,000) × 40%

=  £42,800

And, the remaining amount is

=  (£158,900 -  £150,000) × 45%

=  £4,005

So the total tax paid amount is

=  £0 +  £6,400 +  £42,800 +  £4,005

=  £53,205

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