Waec Model Questions Vol1 2020 Economics Question 38
Practice objective / multiple choice question 38 from the 2020 Waec Model Questions Vol1 Economics examination.
The government imposes the following monthly income‑tax rates: the first ₦100,000 is taxed at 5 %; the next ₦200,000 at 10 %; any amount above ₦300,000 at 15 %. A worker earns a gross monthly salary of ₦560,000. In addition, the government provides a universal monthly transfer of ₦20,000 to every worker. What is the worker's net monthly income after tax and transfer, and what is the effective tax rate (total tax paid divided by gross salary) expressed to two decimal places?
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About This Question
This is Waec Model Questions Vol1 2020 Economics Question 38. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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