Example of Current Tax

Example of Current Tax

Tax is charged over the profit made during the year. Tax is charged as per applicable tax laws of the country. Tax is charged by the Government to run various public sector projects like infrastructure projects of different nature and to cater the country defense needs etc.

Example of Current Tax Calculation

Profit during the year	10,000 $
Tax Rate	15%

Calculate the Current tax rate

Solution

Profit during the year	10,000 $
Tax Rate 15% of 10,000	1,500 $
Profit after taxation	8,500 $