If Tochi\'s gross income is 8,000,000 calculate his consolidated relief allowance Question 7Answer a. 3,780,000 b. 200,000 c. 3,600,000
Question
If Tochi's gross income is 8,000,000 calculate his consolidated relief allowance Question 7Answer
a. 3,780,000
b. 200,000
c. 3,600,000
Solution 1
The Consolidated Relief Allowance (CRA) in Nigeria is calculated using the formula: N200,000 or 1% of Gross Income (whichever is higher) + 20% of Gross Income.
Given that Tochi's gross income is N8,000,000, we can calculate his CRA as follows:
Step 1: Calculate 1% of Gross Income: 1/100 * 8,000,000 = N80,000. Since N200,000 is higher than N80,000, we take N200,000.
Step 2: Calculate 20% of Gross Income: 20/100 * 8,000,000 = N1,600,000.
Step 3: Add the results from step 1 and step 2: N200,000 + N1,600,000 = N1,800,000.
So, Tochi's Consolidated Relief Allowance is N1,800,000. None of the options (a, b, c) provided in the question match this result.
Solution 2
The Consolidated Relief Allowance (CRA) in Nigeria is calculated using the formula: N200,000 or 1% of Gross Income (whichever is higher) + 20% of Gross Income.
Given that Tochi's gross income is N8,000,000, we can calculate his CRA as follows:
Step 1: Calculate 1% of Gross Income 1/100 * 8,000,000 = N80,000
Since N200,000 is higher than N80,000, we take N200,000.
Step 2: Calculate 20% of Gross Income 20/100 * 8,000,000 = N1,600,000
Step 3: Add the results from Step 1 and Step 2 200,000 + 1,600,000 = N1,800,000
So, Tochi's Consolidated Relief Allowance is N1,800,000. None of the options (a, b, c) provided in the question match this result.
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