A man with an annual salary of N2000, has allowances of N600. If Income Tax is 5%. How much income tax expenses does he pay each year?
15
50
70
25
Correct answer is C
His annual salary = N2000 His allowances = N600 So his taxable income = Annual salary − allowance = N2000 − N600 = N1400 He pay at 5% Then, his allowance income tax 5/100 × 1400 = N70