Therefore, Ramila's total income is Rs. 1,00,000 and her taxable income is Rs. 88,000. If she is unmarried, she needs to pay an annual tax of Rs. 10,560.
What is percent?
Percent is a way of expressing a number as a fraction of 100. It is denoted by the symbol "%". For example, 25% means 25 out of 100 or 0.25 as a decimal. Percentages are often used to express proportions, rates, and changes in values. They are commonly used in finance, economics, statistics, and many other fields.
Here,
Total Monthly Salary of Ramila = Rs. 60,000
Employee Contribution to Fund = 10% of Rs. 60,000 = Rs. 6,000
Employer Contribution to Fund = Rs. 6,000
Total Contribution to Fund = Rs. 6,000 + Rs. 6,000 = Rs. 12,000
Additional Allowances = Rs. 40,000
Gross Monthly Income = Total Monthly Salary + Additional Allowances
= Rs. 60,000 + Rs. 40,000
= Rs. 1,00,000
Taxable Income = Gross Monthly Income - Contribution to Fund
= Rs. 1,00,000 - Rs. 12,000
= Rs. 88,000
Annual Tax = Taxable Income * 12% (Assuming tax rate of 12%)
Annual Tax = Rs. 88,000 * 12/100
= Rs. 10,560
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