A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder. If they wish to have net earnings of £15,000, how much gross earnings will they require to earn? A £15,000 B £18,435 C £18,500 D £19,481

A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder. If they wish to have net earnings of £15,000, how much gross earnings will they require to earn? A £15,000 B £18,435 C £18,500 D £19,481

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter14: Choice Of Business Entity—operations And Distributions

Section: Chapter Questions

Problem 50P

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Question

100%

A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder.

If they wish to have net earnings of £15,000, how much gross earnings will they

require to earn?

A £15,000

B £18,435

C £18,500

D £19,481

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