Final answer:
The annual tax is #12800, while the monthly take-home pay after taxes to the nearest naira is #10933.
Step-by-step explanation:
To calculate the tax and take-home pay, we begin with the annual gross income, which is #144000. Since the tax income is #64000 and the tax rate is 20%, we first calculate the tax amount on the taxable income.
To calculate the tax:
- Tax = Tax Income x Tax Rate
- Tax = #64000 x 0.20
- Tax = #12800
So, the annual tax is #12800. Now, to find the annual take-home pay, we subtract the tax from the annual gross income:
- Take-home pay (annual) = Annual Gross - Tax
- Take-home pay (annual) = #144000 - #12800
- Take-home pay (annual) = #131200
To find the monthly take-home pay, we divide the annual take-home pay by 12:
- Take-home pay (monthly) = Take-home pay (annual) / 12
- Take-home pay (monthly) = #131200 / 12
- Take-home pay (monthly) = #10933.33
Therefore, the monthly take-home pay to the nearest naira is #10933.