Class work
A man's wage in increased from naria 6250 to naria 7125 per month
(a). Find the increase percent
(b). If the wage are taxed at 12% find the increase in tax payable
(a) To find the increase percent, we can use the formula:
Increase percent = (Increase in wage / Original wage) * 100%
The increase in wage is naria 7125 - naria 6250 = naria 875.
The original wage is naria 6250.
So, the increase percent = (875 / 6250) * 100% ≈ 14%.
Therefore, the increase percent is approximately 14%.
(b) To find the increase in tax payable, we need to calculate the tax for the original wage and the new wage and then find the difference.
For the original wage:
Tax payable = 12% of naria 6250 = (12/100) * 6250 = naria 750.
For the new wage:
Tax payable = 12% of naria 7125 = (12/100) * 7125 = naria 855.
The increase in tax payable = New tax payable - Original tax payable = naria 855 - naria 750 = naria 105.
Therefore, the increase in tax payable is naria 105.
(a) To find the increase percent, we can use the formula:
Increase Percent = ((Increase in wage) / (Original wage)) * 100
The increase in wage is given by: naria 7125 - naria 6250 = naria 875
Plugging in the values:
Increase Percent = ((875) / (6250)) * 100
Calculating:
Increase Percent ≈ (0.14) * 100 ≈ 14%
Therefore, the increase percent is approximately 14%.
(b) To find the increase in tax payable, we can multiply the increase in wage by the tax rate (12%).
Increase in tax payable = (Increase in wage) * (Tax rate)
Plugging in the values:
Increase in tax payable = 875 * 0.12
Calculating:
Increase in tax payable ≈ naria 105
Therefore, the increase in tax payable is approximately naria 105.
To find the increase percentage, we can use the following formula:
Increase Percentage = [(New Value - Old Value) / Old Value] * 100
In this case, the old value is ₦6250 and the new value is ₦7125.
(a). Finding the increase percentage:
Increase Percentage = [(7125 - 6250) / 6250] * 100
Increase Percentage = (875/6250) * 100
Increase Percentage = 0.14 * 100
Increase Percentage = 14%
Therefore, the increase percentage is 14%.
To find the increase in tax payable, we first need to calculate the old tax amount and the new tax amount.
The old tax amount can be calculated by multiplying the old wage (₦6250) by the tax rate (12%):
Old Tax Amount = ₦6250 * 0.12
The new tax amount can be calculated by multiplying the new wage (₦7125) by the tax rate (12%):
New Tax Amount = ₦7125 * 0.12
(b). Finding the increase in tax payable:
Increase in Tax Payable = New Tax Amount - Old Tax Amount
Substituting the values:
Increase in Tax Payable = (₦7125 * 0.12) - (₦6250 * 0.12)
Increase in Tax Payable = ₦855 - ₦750
Increase in Tax Payable = ₦105
Therefore, the increase in tax payable is ₦105.