Question

In: Accounting

The system will accept the employee ID, the employee name and his/her gross salary.

The system will accept the employee ID, the employee name and his/her gross salary.
Based on the gross salary provided, if it is equal to or greater than OMR 2500, the system should apply a tax rate of 6% when calculating the income tax otherwise a tax rate of 4% should be applied when calculating.
calculate the income tax and the net salary,
If (gross salary > = 2500)
          Tax rate = 6%
Else
     Tax rate = 4%

Income tax = 
Net salary = 

Solutions

Expert Solution

Tax rate applicable, Salary >=2500 - 6% Salary < 2500 - 4%, Therefore,if Gross salary is 2500 tax rate applicable is 6% because salary is equal to 2500.

Gross Salary - 2500    Less:Income tax @6% - (150) Net Salary - 2350   

Answer : Income Tax is 150 & Net Salary is 2350.


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