T penketh is an accountant with a salary of pound2000 per, Ask an Expert

Accounting

T. Penketh is an accountant with a salary of £2,000 per month plus bonus, which for May 2016 was £400. He pays superannuation contributions of 5 per cent of gross pay, and these are allowed as reliefs against income tax.

In addition to this, he has further reliefs of £430. The taxable pay is taxed at the rate of 20 per cent on the first £250, whilst the remainder suffers the 25 per cent tax rate. In addition he pays National Insurance of £190. Calculate his net pay for the month.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92195269

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