Question

A husband and wife are both lecture and they each get a monthly salary of #740,000.They have 3 children and the husband claims #25,000 for dependent relative Assuming the wife claims for the children.

a) How much tax does the husband pay on a monthly salary of #740,000 with a dependent relative claim of #25,000?
a) #74,000
b) #71,500
c) #73,000
d) #69,500

b) How much tax does the wife pay on a monthly salary of #740,000 while claiming for the children?
a) #71,500
b) #74,000
c) #73,000
d) #69,500

Answer 1

The tax calculation cannot be accurately determined without the specific tax rates and deductions in the relevant tax jurisdiction. A hypothetical calculation would subtract deductions from the salary and apply a tax rate to the remainder, but this does not reflect real tax system complexities.

Step-by-step explanation:

The calculation of tax paid on a monthly salary depends on the tax rates and deductions allowed for dependents or other allowances. However, the exact answer to how much tax the husband and wife pay on their salaries of #740,000 cannot be determined without the specific tax rates and deductions applicable in their tax jurisdiction. If we assume a flat tax rate without considering progressive tax scales or specific deductions aside from the claims mentioned, we would simply subtract the declared deductions from the gross salary and then calculate the tax on the remaining amount. However, this method disregards the real complexity of tax systems, which consider multiple factors including but not limited to personal allowances, number and age of dependents, and progressive tax brackets.