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QR12: Tax Questions (Tutoring)
Your Score:
Average Score of All Users:
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Section Breakdown
| Your Score | Average of all Users | Percentile | |
|---|---|---|---|
| QR Tutorial 12 edition |
QR Tutorial 12 edition
Your score:
Average score:
You performed better than of students
Let’s do the questions from Tutorial 12
|
Annual Taxable Income Bracket (£) |
Tax Rate |
Total Tax paid (£) at the top of this taxable income bracket |
|
0 – 12,000 |
10% |
1,200 |
|
12,000 – 31,500 |
15% |
4,125 |
|
31,500 – 54,950 |
20% |
8,815 |
|
54,950 – 81,450 |
29% |
16,500 |
|
81,450 – 184,000 |
37% |
55,469 |
|
184,000 and over |
45% |
The table shows the total tax paid (£) on annual taxable income.
For example, a person with an annual taxable income of £45,000 will pay £4,125 plus 20% of (£45,000 – £31,500).
Explanation
The correct answer is C.
£23,300 fits into the second tax bracket… £12,000 gets taxed at 10%, yielding £1,200 (as shown in the RH column)
The remaining (£23,330 – £12,000) = £11,330 gets taxed at 15%, yielding £1,699.50 – adding this to £1,200 makes £2,900 (4sf)
|
Annual Taxable Income Bracket (£) |
Tax Rate |
Total Tax paid (£) at the top of this taxable income bracket |
|
0 – 12,000 |
10% |
1,200 |
|
12,000 – 31,500 |
15% |
4,125 |
|
31,500 – 54,950 |
20% |
8,815 |
|
54,950 – 81,450 |
29% |
16,500 |
|
81,450 – 184,000 |
37% |
55,469 |
|
184,000 and over |
45% |
The table shows the total tax paid (£) on annual taxable income.
For example, a person with an annual taxable income of £45,000 will pay £4,125 plus 20% of (£45,000 – £31,500).
Explanation
The correct answer is B.
£114,050 fits into the fifth tax bracket:
The RH column shows that the first £81,450 yields £16,500 tax;
Then, the remaining (£114,050 – £81,450) = £32,600 gets taxed at 37%, yielding £12,062 and thus a total of £28,562
Maya
Medicmind Tutor
Sun, 18 Jul 2021 10:09:27
Why isn't 12062+8815=20877 ??
Maya
Medicmind Tutor
Sun, 18 Jul 2021 10:11:05
even 12062+8815+4125+1200=26202
|
Annual Taxable Income Bracket (£) |
Tax Rate |
Total Tax paid (£) at the top of this taxable income bracket |
|
0 – 12,000 |
10% |
1,200 |
|
12,000 – 31,500 |
15% |
4,125 |
|
31,500 – 54,950 |
20% |
8,815 |
|
54,950 – 81,450 |
29% |
16,500 |
|
81,450 – 184,000 |
37% |
55,469 |
|
184,000 and over |
45% |
The table shows the total tax paid (£) on annual taxable income.
For example, a person with an annual taxable income of £45,000 will pay £4,125 plus 20% of (£45,000 – £31,500).
Explanation
The correct answer is D.
If Max pays £10,000 tax per year, his income must lie in the fourth tax bracket (i.e. he earns £54,950 to £81,450).
£10,000 – £8,815 = £1,185, which must have come from £1,185/0.29 = £4,086.21 (2dp). Adding this to £54,950 gives £59,040 (5sf)
Alex
Medicmind Tutor
Fri, 13 Aug 2021 10:29:50
if its 10000 it falls into the third bracket though??
Alex
Medicmind Tutor
Fri, 13 Aug 2021 10:30:41
ignore that my bad
anonymous
Medicmind Tutor
Mon, 16 Aug 2021 13:49:17
how do you know which bracket it fall into ?
saira
Medicmind Tutor
Wed, 25 Aug 2021 17:55:33
where is the o.29 from
leena
Medicmind Tutor
Mon, 30 Aug 2021 13:23:37
the 0.29 comes from dividing 29 by 100
|
Annual Taxable Income Bracket (£) |
Tax Rate |
Total Tax paid (£) at the top of this taxable income bracket |
|
0 – 12,000 |
10% |
1,200 |
|
12,000 – 31,500 |
15% |
4,125 |
|
31,500 – 54,950 |
20% |
8,815 |
|
54,950 – 81,450 |
29% |
16,500 |
|
81,450 – 184,000 |
37% |
55,469 |
|
184,000 and over |
45% |
The table shows the total tax paid (£) on annual taxable income.
For example, a person with an annual taxable income of £45,000 will pay £4,125 plus 20% of (£45,000 – £31,500).
Explanation
The correct answer is D.
£4,000 per month = £48,000 per year, i.e. 3rd tax bracket
Tax for the year = £4,125 + [ 20% x (£48,000 – £31,500) ] = £4,125 + 20% x 16,500 = £4,125 + 3,300 = £7,425
Percentage of income = (£7,425 / £48,000) x 100 = 15.5% (3sf)
Mon, 30 Aug 2021 09:02:41
where did 23300 come from
Wed, 01 Sep 2021 23:40:33
WHAAAAAAAA?
Wed, 08 Sep 2021 05:25:53
That's the annual taxable income