Quiz  /  Income tax Class 5 MCQ Questions With Answers

  • 1. 
    How do you calculate Net Tax?

  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income) x (Rate of Tax)
  • Gross Tax ÷ Gross Income

  • 2. 
    Tax before tax credits are removed

  • Net Pay
  • Gross Pay
  • Net Tax
  • Gross Tax

  • 3. 
    When you are paid based on the hours/work completed.

  • Wages
  • Salary

  • 4. 
    Take home pay

  • Net Pay
  • Gross Pay
  • Net Tax
  • Gross Tax

  • 5. 
    How do you calculate Gross Tax?

  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income) x (Rate of Tax)
  • Gross Tax ÷ Gross Income

  • 6. 
    Money earned before deductions

  • Net Pay
  • Gross Pay
  • Net Tax
  • Gross Tax

  • 7. 
    How do you calculate Net Income (Take Home Pay)?

  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income x (Rate of Tax)
  • Gross Tax ÷ Gross Income

  • 8. 
    Tax payable

  • Net Pay
  • Gross Pay
  • Net Tax
  • Gross Tax

  • 9. 
    How do you calculate rate of tax?

  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income) x (Rate of Tax)
  • Gross Tax ÷ Gross Income

  • 10. 
    When you are paid a fixed amount regardless on hours/work completed

  • Wages
  • Salary
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