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anonymous
 one year ago
I don't get this:
Emily earns $48,500 per year. Her personal allowance is $6475. Her income is then taxed at 20% up to $37,400 and then at 40% above $37,400.
How much does Emily earn after tax?
anonymous
 one year ago
I don't get this: Emily earns $48,500 per year. Her personal allowance is $6475. Her income is then taxed at 20% up to $37,400 and then at 40% above $37,400. How much does Emily earn after tax?

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Sorry I made a mistake

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Isn't your personal allowance income that is NOT taxed ? So wouldn't you take 6475 from 48,500 first ? Then figure out the taxes after that ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Yah that was what I thought too TT

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So i think you subtract 6475 off 48,500 coz it is what she spends before tax is collected right?!

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I would take away 6475. from 48500 and then apply the 20% to the first 37,000 ad then the 40% to the rest

anonymous
 one year ago
Best ResponseYou've already chosen the best response.048,500  6475 = 42,025  taxable income 20% up to 37,400 = 0.20(37,400) = 7480 42,025  37,400 = 4624 40% of 4624 = .40(4624) = 1849.60 total taxes : 7480 + 1849.60 = 9329.60 (taxes she has to pay) she would then earn : I am not sure if you add in the 6475 untaxable income... so I am not sure if the answer is 48,500  9329.60 or if it is 42,025  9329

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0I get it now!!! Thank you very much!!!! ^^
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