Couple of calculations I need help with please

kPATm · 15 May 2015 at 13:48

Can any of you Tefal heads help me out with these two please?

Freddie1980 · 15 May 2015 at 13:57

Q1 - 39256 less 31949 = 7,307

500*0.1426=71.3
6807 (7307-500)*0.1114=758.30
829.60

SciNeT · 15 May 2015 at 13:58

39256 - 31949 = 7307 units used

7307 - 500 = 6807

500 @ £0.1426
6807 @ £0.1114

eatcustard · 15 May 2015 at 14:01

find a cheaper supplier

Both the above had the answer

ubersonic · 15 May 2015 at 14:03

Q2 is 79,512.5

(£165,500 - £6,475) * .5 = 79,512.5

Freddie1980 · 15 May 2015 at 14:05

Q2

6,7475 to 37,400 = 30,925.00*0.2= 6,185
37,401 to 150,000 = 112,599.00*0.4 = 45,039.60
150,001 to 165,000 = 14,499.00*0.5 = 7,499.50

Total income tax is a criminal 58,724.10 GBP

ubersonic said:
Q2 is 79,512.5

(£165,500 - £6,475) * .5 = 79,512.5

It's not a flat 50% on total salary. You only pay 50% on your earnings above the £150k threshold, the same goes with the 20% and 40% bands.

StriderX · 15 May 2015 at 14:09

ubersonic said:
Q2 is 79,512.5

(£165,500 - £6,475) * .5 = 79,512.5

uwot

ubersonic · 15 May 2015 at 14:15

Freddie1980 said:
It's not a flat 50% on total salary. You only pay 50% on your earnings above the £150k threshold, the same goes with the 20% and 40% bands.

I see, that's actually really sneaky by the person who set the question.

StriderX said:
uwot

I answered the question as it was written, but it turns out you need knowledge of tax procedures/etc to know the question doesn't work how it implies, pretty dirty IMO.

Derp · 15 May 2015 at 14:17

Do your own homework, you cheeky scamp!

Freddie1980 · 15 May 2015 at 14:18

ubersonic said:
I see, that's actually really sneaky by the person who set the question.

I answered the question as it was written, but it turns out you need knowledge of tax procedures/etc to know the question doesn't work how it implies, pretty dirty IMO.

I think anyone who is sitting this question would have been told how the tax bands work and be expected to know this before going into the exam but otherwise if your not an accountant I can see how you could get confused.

Cosimo · 15 May 2015 at 14:20

ubersonic said:
I see, that's actually really sneaky by the person who set the question.

I answered the question as it was written, but it turns out you need knowledge of tax procedures/etc to know the question doesn't work how it implies, pretty dirty IMO.

Not really sneaky nor requires knowledge of tax as the table tells you how to apportion the salary. Just have to use a little brain power to work it out.

kPATm · 15 May 2015 at 14:21

I had the 1st one correct and the 2nd I was close ;-)

On the reverse of the page is the apparent "answers" but obviously they are not. Its some examples of what the sister-in-laws can expect in her exams next week. Cheers muchly

D.P. · 15 May 2015 at 14:22

ubersonic said:
Q2 is 79,512.5

(£165,500 - £6,475) * .5 = 79,512.5

wrong!

ElliorR · 15 May 2015 at 14:22

I didn't think they allowed phones into exams, even ones for junior school children.

lord filbuster · 15 May 2015 at 14:26

I assume you don't need to know income tax rules for the 2nd one, because the income tax due would actually be £59969.10, as you lose your personal allowance if you earn over £120,000

SciNeT · 15 May 2015 at 14:28

I worked it out as this :

Basic rate : 37,400 - 6,475 = 30,925 @ 20%

Higher rate : 150,000 - 37,400 = 112,600 @ 40%

Additional rate : 165,500 - 150,000 = 15,500 @ 50%

Or is it as Freddie calculated using 37,401 & 150,001?

kPATm · 15 May 2015 at 14:29

ElliorR said:
I didn't think they allowed phones into exams, even ones for junior school children.

No these arent the actual exam questions she just has a few example question on what to expect for next week

kPATm · 15 May 2015 at 14:30

Freddie1980 said:
Q2

6,7475 to 37,400 = 30,925.00*0.2= 6,185
37,401 to 150,000 = 112,599.00*0.4 = 45,039.60
150,001 to 165,000 = 14,499.00*0.5 = 7,499.50

Total income tax is a criminal 58,724.10 GBP

So this is correct I assume?

ubersonic · 15 May 2015 at 14:48

D.P. said:
wrong!

Aww congratulations, you can post without reading a thread, here's your brown star!

ubersonic · 15 May 2015 at 14:50

Freddie1980 said:
I think anyone who is sitting this question would have been told how the tax bands work and be expected to know this before going into the exam but otherwise if your not an accountant I can see how you could get confused.

Yeah, you're right you would prob only be sitting this test if you already knew it isn't meant to be read as it's written, but they could have made it a bit more straightforward, I just feel cheated lol.