A man earns 150000 per annum, he has a tax free allowance of 40000 if the tax rate is 25 kobo in Nadia calculate his tax and his take home pay,the amounts are in naira

Here's how to calculate the man's tax and take-home pay. Given: Annual income = ₦150,000 Tax-free allowance = ₦40,000 Tax rate = 25 kobo in Naira Step 1: Convert the tax rate to Naira. Since 1 Naira (₦) = 100 kobo, a tax rate of 25 kobo in Naira means ₦0.25 tax for every ₦1 of taxable income. This is equivalent to a 25% tax rate. Tax rate = 25 kobo100 kobo = 0.25 or 25\% Step 2: Calculate the taxable income. Taxable income is the portion of the annual income that is subject to tax after the allowance. Taxable income = Annual income - Tax-free allowance Taxable income = ₦150,000 - ₦40,000 Taxable income = ₦110,000 Step 3: Calculate the tax amount. Tax amount is the taxable income multiplied by the tax rate. Tax amount = Taxable income × Tax rate Tax amount = ₦110,000 × 0.25 Tax amount = ₦27,500 The tax is ₦27,500. Step 4: Calculate the take-home pay. Take-home pay is the annual income minus the calculated tax. Take-home pay = Annual income - Tax amount Take-home pay = ₦150,000 - ₦27,500 Take-home pay = ₦122,500 The take-home pay is ₦122,500. Send me the next one 📸