Question

How much Income Tax would be paid by someone earning £41,000 in a tax year when the basic rate of Income Tax is 20% and the annual tax-free personal allowance is £11,500?

Answer 1

£5,900 in taxes

Explanation:

How much Income Tax would be paid by someone earning £41,000 in a tax year when the basic rate of Income Tax is 20% and the annual tax-free personal allowance is £11,500?

41,000 - 11,500 = 29,500 taxable

20% = 0.2

29,500 * 0.2 = £5,900 in taxes