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After deducting 10% provident fund a married person draws Rs 40,500 salary per month and one month's salary as festival bonus, the person pays Rs 14,500 annually as the premium of his/her insurance. Calculate the annual income tax paid by the person.​

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abiolataiwo2015

The  annual income tax paid by the person is: $4,500.

Annual income tax

Using this formula

Annual income tax=[Salary per monthĂ·(1-percentage deduction)]- Salary per month

Let plug in the formula

Annual income tax=[40,500Ă·(1-10%)]-40,500

Annual income tax=45,000-40,500

Annual income tax=$4500

Therefore the annual income is $4,500.

Learn more about annual income tax here:brainly.com/question/26316390

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