Question 54
In a year, Ravi earns Rs. 360000 and paid Rs. 24000 as income tax. Find the ratio of his a) income to income tax. b) income tax to income after paying income tax.
In a country’s income tax system, an individual can earn Rs. 20,000, before paying taxes. The marginal rate of tax is 25% on income up to Rs. 50,000 and 50% on income greater than that. How much tax will an individual pay if she earns Rs. 1,00,000?