Question

1% social security tax is charged up to the annual income of Rs 3,50,000 to an unmarried individual. If the monthly salary of an individual is Rs 16,400, how much social security tax should he pay in a year?​

Answer 1

Rs. 1968

Explanation:

Tax rate = 1%

Monthly income of the person = rs. 16400

Now,

Yearly income of individual = rs. 16400×12=rs196800

Tax = tax rate × yearly income

= 1% × rs. 196800

= Rs.1968

Was the question this simple

Or I misunderstood the question :-(